Shri Deepak Devidas Sajnani v/s The Income Tax Officer (International Taxation), Ward – 4(2)(1), Mumbai

Parties Involved

Facts Summary

The assessee, Shri Deepak Devidas Sajnani, purchased an immovable property for Rs.2,43,44,840/- during the assessment year 2015-16. The Assessing Officer (AO) issued a notice under section 148A(b) of the Income Tax Act, 1961, suspecting that the investment in the property was unexplained and had escaped assessment. The assessee did not respond to the notice, leading the AO to issue a notice under section 148 of the Act. The assessee again failed to respond, resulting in the AO completing the assessment on a best judgment basis under section 144 of the Act. The AO considered the entire investment of Rs.2,55,91,725/- as unexplained under section 69 of the Act and proposed to add it to the assessee's total income. The learned Dispute Resolution Panel (DRP) directed the AO to restrict the addition to Rs.9 Lakh under section 69 of the Act, leading the assessee to file an appeal.…

Legal Issues

• 1. Whether the addition of Rs.9 Lakh under section 69 of the Act is justified.

Judgment Outcome

Decided in favour of Assessee.

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