ITAT Reduces Alleged Income Of NRI By 97% After Dispute Over Rs 2.28 Crore

The ITAT reduced the alleged taxable income of a Non-Resident Indian by 97% in a dispute over Rs 2.28 crore. The tribunal found substantial discrepancies in the tax department’s assessment and allowed proper deductions, emphasizing adherence to evidence and factual verification. The ruling highlights the appellate system’s role in correcting erroneous assessments and ensuring fairness in income taxation.