ITAT Rajkot Quashes Reassessment as Escaped Income Was Below ₹50 Lakh Threshold

Jayaben Karsanbhai Dalvadi Vs ITO (ITAT Rajkot) The assessee, an individual, filed an appeal before the ITAT Rajkot against the order of the Commissioner of Income-tax (Appeals) for AY 2015-16. The appeal challenged, among other issues, the validity of reassessment proceedings initiated under Sections 147 and 148, as well as the addition of ₹20,00,000 under Section 69A. The assessee had filed a return of income on 20.02.2023 declaring total income of ₹5,040. According to the Assessing Officer (AO), information on record indicated cash deposits of ₹38,00,000 during FY 2014-15 and interest...