Categories: Business

Rs 2 crore deposit, no ITR, Rs 2.51 crore addition; ITAT quashes because reassessment is 5 days late

The Income Tax Appellate Tribunal (ITAT), Chennai, has quashed a reassessment involving Rs 2.51 crore additionals after holding that the Income Tax Department had issued the reopening notice after the statutory time limit had already expired.

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