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NewsPolicyRadarTuesday, 22 September 2026NEW

Income Tax | ITO Lacking Pecuniary Jurisdiction Cannot Frame Reassessment: ITAT Kolkata

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Summary
ITAT Kolkata quashes reassessment as ITO lacked pecuniary jurisdiction to issue notices and frame assessment under sections 147/148.
Key Facts
TypeNews
SourcePolicyRadar India
PublishedTuesday, 22 September 2026
Affected Population1.4 billion citizens, 63 million MSMEs
Key Numbers
GDP: $3.9 trillion (2025 est.)
Fiscal deficit target: 4.4% of GDP
GST collection: Rs 1.87 lakh crore/month avg
Key Authorities
Ministry of FinanceRBISEBIDEA
Key Stakeholders
TaxpayersBanks & NBFCsInvestors
Government Context
NDA IIIBJP-led NDA
Centre-Right
LeftCentreRight
Explore Sectors
Finance & Economy668 tracked→
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Result of the Overnight Variable Rate Reverse Repo (VRRR) auction held on September 22, 2026
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Tenor 1-day Notified Amount (in ₹ crore) 75,000 Total amount of offers received (in ₹ crore) 71,971 Amount accepted (in ₹ crore) 71,971 Cut off Rate (%) 5.24 Weighted Average Rate (%) 5.24 Partial Acceptance Percentage of offers received at cut off rate NA Ajit Prasad           Deputy General Manager (Communications)     Press Release: 2026-2027/1164
Finance & Economy
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