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.
Today (20th March): The Congress party has taken the Income Tax reassessment matter to the Delhi High Court, urging for an urgent hearing. The party’s legal representatives stated that the authorities have reopened assessments for four years. This comes after the Income Tax Appellate Tribunal rejected a plea to stay a notice demanding over Rs 100 crore in outstanding taxes.
