Retired man deposits Rs 1.33cr, files no ITR; taxman sends notice, what ITAT said
The Income Tax Department also noted that the individuals had not filed an income tax return (ITR) for the relevant year. This meant the department did not have details of the income he had earned during the period under scrutiny.
A retired teacher from Mysore deposited Rs 1.33 crore in his bank account without filing an income tax return (ITR). The Income Tax Department did not have details of his actual income, mostly from agriculture and interest from savings bank accounts. The department sent tax notices, and the case reached the ITAT Bangalore. The decision was based on the timing of the reassessment notice, which was issued 26 days after the six-year limitation period had ended, making it invalid.
Consequently, the Section 148 notice and the reassessment order were quashed, allowing the senior citizen to win the case.
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