Manish Isadas Dhopte v/s ITO, Int. Tax Ward 2(1)(1), Mumbai

Parties Involved

Facts Summary

The assessee, an NRI, filed his return for AY 2017-18 declaring total income of Rs. 42,000/-. The case was reopened under section 148 of the Income-tax Act, 1961, after information was received that the assessee had entered into a transaction of immovable property at less than the fair market value. The final order was passed on 02.03.2024, making additions under sections 56(2)(vii)(b)(ii), 69, and 69A of the Act. The assessee appealed against the final assessment order dated 31.10.2023 passed by the Income Tax Officer (International Tax) Circle 2(1)(1), Mumbai. The assessee raised several grounds of appeal, including the addition of unexplained money and investments, and the levying of interest under sections 234A and 234B for default in payment of advance tax.…

Legal Issues

• 1. Addition u/s 56(2)(vii)(b)(ii) of the Act on account of difference in valuation of property.
• 2. Addition of Rs. 2,94,000/- u/s 69A of the Act.
• 3. Addition of unexplained investment of Rs. 3,00,000/- u/s 69A of the Act.
• 4. Addition of Rs. 1,00,000/- u/s 69 of the Act.
• 5. Charging interest u/s 234A and 234D is consequential in nature.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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