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Reassessment Beyond 3 Years Upheld as Escapement Exceeded ₹50 Lakh — Cash Deposits u/s 69A
Case Law Details
- Case Name
- Sandip Kailasappa Lakade Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
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Sandip Kailasappa Lakade Vs ITO (ITAT Pune)
Reassessment Beyond 3 Years Upheld Where Escapement Exceeded ₹50 Lakh — Cash Deposits Taxed u/s 69A
The Pune ITAT (B Bench) dismissed the assessee’s appeal for AY 2016-17 and upheld the validity of reassessment under sections 147/148, holding that the case fell within the extended limitation period since the escaped income exceeded ₹50 lakh. The assessment was reopened based on information of cash deposits aggregating to ₹1.55 crore in the assessee’s bank account with a multi-state co-operative credit society. Despite issuance of notices ...
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