Man had Rs 2 crore bank deposit and didn’t file ITR, faced Rs 2.51 crore tax addition; ITAT Chennai quashes reassessment after Income Tax Department missed 6-year deadline by 5 days
The case concerned assessment year 2015-16 and the changes brought to the law governing reassessment notices from April 1, 2021. (Image for representative purpose) You don’t file your income tax return for an assessment year and some years after that the tax department sends you a notice over unexplained income for that AY. What happens…
