ITAT Bangalore Quashed Reassessment for Sanction by wrong authority After 3-Year Limit

Rahul Meka Vs ITO (International Taxation) (ITAT Bangalore) The appeal was filed against the reassessment order dated 08/03/2024 passed under sections 147 read with 144C(13) of the Income Tax Act, 1961 for Assessment Year (AY) 2016–17. The assessee had originally filed his return on 01/08/2016 declaring total income of ₹15,850. The Assessing Officer (AO) determined total income at ₹75,69,043, making additions under section 68 of ₹47,00,000 as unexplained cash credits and ₹28,53,193 as long-term capital gains, while denying exemption under section 54F. Interest under sections 234A, 23...