Categories: Business

Man buys property with father & wife, gets Rs 55.2 lakh addition notice; what ITAT said

A man bought a residential property jointly with his wife and his father. The Income Tax Department reopened his assessment for the 2016-17 assessment year after receiving information through its Risk Management Strategy that he had purchased an immovable property during the 2015-16 financial year. The man then approached the ITAT, challenging both the addition and the calculation underlying it.

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