Kerala HC Upholds Reassessment Based on Estimation of Income Escaped Assessment

Jibu John Vs ITO (Kerala High Court) In a recent judgment, the Kerala High Court addressed a crucial aspect of income tax law relating to the reassessment of income under Section 147 read with Section 144C(13) of the Income Tax Act, 1961. The case, Jibu John Vs ITO, revolved around the reassessment procedure for the assessment year 2015-16, highlighting the principles governing the reopening of assessments based on estimations of income that have escaped assessment. Background of the Case: The petitioner, a Non-Resident Indian (NRI) residing in the United Arab Emirates, did not file a return ...