Parallel Assessment Proceedings Illegal, ITAT Quashes Reassessment Order in Case of Lalit Modi

Lalit Kumar Modi Vs DCIT (ITAT Delhi) When Parallel Tax Proceedings Become Invalid – ITAT Quashes Reassessment in the Case of Lalit Kumar Modi In a significant ruling reinforcing procedural discipline in income-tax assessments, the Income Tax Appellate Tribunal (ITAT) held that reassessment proceedings cannot run simultaneously with an ongoing scrutiny assessment. The case involving Lalit Kumar Modi for Assessment Year (AY) 2010-11 highlights the importance of jurisdictional compliance by the Assessing Officer (AO). Background of the Case The assessee, Lalit Kumar Modi, filed his return of...