Summary
- The Mumbai Tribunal has deleted a ₹2.20 crore addition to Jaishri Pande's income tax assessment, originally treated as unexplained investment under Section 69.
- The addition arose from two entries in the tax system that were found to relate to a single property transaction, not two separate purchases.
- Pande's appeals against penalties totaling ₹66 lakh were also dismissed as the Tribunal accepted her explanation for late filing due to non-receipt of notices.
- This ruling underscores the importance of accurate documentation in tax assessments and may influence how similar cases are handled in the future.
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