ITAT Quashes Reassessment Over Invalid Rs.10 Lakh Addition, Citing Intraday Profit Below Threshold

The ITAT quashed a reassessment order that added ?10 lakh to a taxpayer's income based on intraday profits. The Tribunal held that the profits were below the threshold requiring such an addition, and the reassessment lacked proper justification. This ruling highlights the need for tax authorities to base reassessments on clear evidence and applicable legal provisions. It also serves as a reminder to taxpayers to ensure that their financial disclosures are accurate to avoid unnecessary litigation.