India, March 9 -- 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. The reassessment had increased his taxable income from Rs 54.81 lakh to Rs 20.12 crore over unexplained credit card spending of Rs 4.24 crore, private jet lease rental and fuel expenses of '9.65 crore and liabilities of Rs 5.66 crore linked to the entity Golden Wings Pvt Ltd.

The ITAT held that the reassessment proceedings initiated by the Income Tax Department were without jurisdiction as they were launched while regular scrutiny assessment proceedings were still pending. "To sum up, in the first place, the action of the ...