On December 16, 2025, the Income Tax Appellate Tribunal (ITAT) Mumbai granted relief to Mr. Naik from Bhandup, regarding an income addition made by the tax department under Section 56(2)(vii)(b) The tax dept had added its 18.95 lakh to his income due to significant difference between the agreement value and stamp duty value of the property purchased by Naik. To summarise the case, the Income Tax Department received specific information from their risk management system that Mr. Naik had purchased a property in Bhandup for Rs 81.8 lakh but no income tax return (ITR) was filed by him. Subsequently, Mr Naik was sent a tax notice under Section 148 on March 13, 2023, under the new regime of reassessment introduced by Finance Art, 2021