There Cannot Be Two Concurrent Proceedings Under Sections 147/148 and 143(3): ITAT Delhi Quashes Reassessment Against Lalit Kumar Modi
In a notable ruling, the Income Tax Appellate Tribunal (ITAT), Delhi Bench has quashed reassessment proceedings initiated against former IPL commissioner Lalit Kumar Modi concerning alleged unexplained credit card expenditure and private jet travel costs. The Tribunal held that reassessment proceedings cannot be initiated …