ITAT quashes reassessment of Lalit Modi's income over credit card spending, private jet expenses
Official government notification — a formal executive order that operationalises policy decisions. Carries legal weight and specifies rules, dates, exemptions, or procedural requirements.
Summary
The Income Tax Appellate Tribunal (ITAT/ Tribunal) has quashed a reassessment order against former IPL commissioner Lalit Kumar Modi with respect to his taxable income for the assessment year 2010–11 [Lalit Modi Vs DCIT].The reassessment had increased his taxable income from ₹54.81 lakh to ₹20.12 crore over unexplained credit card spending of ₹4.24 crore, private jet lease rental and fuel expenses of ₹9.65 crore and liabilities of ₹5.66 crore linked to entity Golden Wings Pvt Ltd.However, the IT
Key Facts
Type Notification
Source Bar and Bench
Published Saturday, 7 March 2026
Affected Population ~850 million internet users, 75,000+ startups
Key Numbers
Rs 15,000 crore for Digital India initiatives
UPI: 14 billion monthly transactions
850 million+ Aadhaar-linked mobiles
GDP: $3.9 trillion (2025 est.)
Key Authorities
Key Stakeholders
Government Context
NDA III BJP-led NDA
Left Centre Right