ITAT grants relief after tax dept adds Rs 55.2 lakh income over joint property purchase

The Income Tax Department reassessed a taxpayer for the 2016-17 year after data showed a property purchase in 2015-16. The taxpayer had bought the residential property jointly with his wife and father. Authorities added over Rs 55 lakh to his taxable income, citing the property's value. The Income Tax Appellate Tribunal has now granted relief after the taxpayer challenged the addition and its calculation.