India's ITAT overturns tax assessments in two separate cases

The Income Tax Appellate Tribunal (ITAT) in Kolkata set aside a Black Money Act assessment against Vijendra Kedia, ruling that the assessing officer lacked jurisdiction because Kedia was a Not Ordinarily Resident during the relevant years and therefore not required to disclose the offshore shares in Schedule FA.

The New Delhi bench of the ITAT also quashed a revision order under Section 263 for taxpayer Kulbhushan Mittal, holding that the limitation period for invoking the provision must be calculated from the date of the original assessment order, not from the reassessment order, because the issues considered were distinct.