Big Relief for Lalit Modi as ITAT Quashes Rs.20 Crore Tax Reassessment

The Income Tax Appellate Tribunal annulled a reassessment order against Lalit Kumar Modi for AY 2010–11 that had raised his taxable income from Rs 54.81 lakh to Rs 20.12 crore, citing unexplained credit card spending, private jet lease and fuel costs, and Golden Wings liabilities.

Income Tax Reassessment Of 2013–14 Quashed, J&K High Court Says: “Clearly Barred By Limitation And Cannot Be Sustained In Law”

The High Court of Jammu & Kashmir and Ladakh quashed reassessment proceedings for AY 2013–14 as time-barred. A bench of Justice Sindhu Sharma and Justice Shahzad Azeem set aside orders issued under Income Tax Act, 1961 Sections 148A(d) and 148.