https://www.taxtmi.com/caselaws?id=420715 The ITAT Mumbai ruled in favor of the assessee on two main issues. Firstly, it found the notice issued under section 148 of the Income Tax Act invalid as there was no failure to disclose material facts during the original assessment, rendering the reopening of the assessment after four years unjustified. Secondly, the ITAT held that the addition of income from house property was not justified as it was made without proper inquiry and solely based on a percentage of property value. The ITAT allowed the appeal filed by the assessee, granting relief on both issues. en-us Wed, 02 Mar 2022 00:00:00 +0530 Thu, 07 Apr 2022 19:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420715 The ITAT Mumbai ruled in favor of the assessee on two main issues. Firstly, it found the notice issued under section 148 of the Income Tax Act invalid as there was no failure to disclose material facts during the original assessment, rendering the reopening of the assessment after four years unjustified. Secondly, the ITAT held that the addition of income from house property was not justified as it was made without proper inquiry and solely based on a percentage of property value. The ITAT allowed the appeal filed by the assessee, granting relief on both issues. Case-Laws Income Tax Wed, 02 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420715