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₹50 Lakh Threshold Is Mandatory: ITAT Delhi Quashes Reassessment of Foreign Company as Time-Barred
Case Law Details
- Case Name
- LL Global Inc. Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
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LL Global Inc. Vs ACIT (ITAT Delhi)
₹50 Lakh Threshold Is Mandatory: ITAT Delhi Quashes Reassessment of Foreign Company as Time-Barred
Delhi ITAT (Bench ‘D’) quashed the reassessment proceedings initiated u/s 147 r.w.s. 148, holding them to be barred by limitation under the amended law. The Tribunal noted that the notices u/s 148 were issued beyond three years from the end of the relevant assessment years and that the alleged escapement of income was only ₹4.10 lakh and ₹3.18 lakh, far below the ₹50 lakh threshold mandated u/s 149(1)(b).
Relying on the Supreme Cour...
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