Bombay HC holds housewife was a mere joint owner, quashes I-T reassessment order
The Bombay High Court has nullified a reassessment order against a housewife, noting that the property was purchased solely by her husband. The Income-tax (I-T) authorities, on noting a high-value transaction of purchase of property valued at more than Rs. 30 lakhs, had held that income had escaped assessment. Thus, a reassessment order was passed under section 148A (b) of the I-T Act for the financial year 2015-16.