Reassessment of Lalit Modi's Income Over Credit Card Spending and Private Jet Expenses Quashed: ITAT

The Income Tax Appellate Tribunal recently set aside a reassessment order passed against former IPL Commissioner Lalit Kumar Modi for the Assessment Year 2010–2011. The Tribunal ruled that the reassessment proceedings initiated by the Income Tax Department were legally invalid because they were started while the regular scrutiny assessment proceedings were still pending. The decision was delivered by a Bench consisting of Judicial Member Vikas Awasthy and Accountant Member Brajesh…