ITAT Quashes Reassessment: Only Profit Element Matters, Not Entire Commodity Transaction Value

Vijay Kumar Soni Vs ITO (ITAT Delhi) The appeal before the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) concerned Assessment Year 2014-15 and challenged the validity of reassessment proceedings initiated under Sections 147, 148, and 148A(d) of the Income-tax Act. The assessee contended that the reassessment notice issued on 29 June 2022 was invalid because the alleged escaped income was not represented in the form of an asset exceeding the threshold prescribed under Section 149(1)(b). The Department had relied on information received through the Insight Portal based on an investigat...