Reassessment Beyond 3 Years Upheld as Escapement Exceeded ₹50 Lakh — Cash Deposits u/s 69A

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 ...