Reassessment Quashed for Failure to Verify Bank Statement on ₹50 Lakh Threshold

Krishnareddy Venkatesan Vs ITO (Madras High Court) The petitioner received a notice dated 21.03.2022 under Section 148A(b) of the Income Tax Act, 1961, alleging that during the financial year 2014–2015 (assessment year 2015–2016), cash deposits of ₹25,90,000 and a time deposit of ₹27,00,614 were made. In response, the petitioner submitted that the cash deposits of ₹25,90,000 were used to create the fixed deposit of ₹27,00,614. On this basis, it was contended that the threshold of ₹50,00,000 was not crossed and, therefore, the notice was barred by limitation under Section 149(2)(v...