Setback to Moraj Group Director: ITAT upholds Assumption of 5% of Cost of Acquisition as Income from Property [Read Order]

In a major setback to Moraj Group Director Priya M Gurnani, the Mumbai bench of ITAT upheld the assumption of 5% of Cost of Acquisition as income from house property
Moraj Group Director - ITAT - Income Tax Appellate Tribunal - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Mumbai bench upheld the assumption of 5% of Cost of acquisition as income from house property owned by Priya M Gurnani, director of Moraj Group. Priya Mohan Gurnani, the Assessee and Co-Founder of Moraj Group, filed a series of seven appeals covering the assessment years 2010-11 to 2016-17, addressing…

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