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Reassessment Quashed for Escaped Income Below ₹50 Lakh Threshold
Case Law Details
- Case Name
- Ashokbhai Anbabhai Kachadiya Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Ahmedabad
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Ashokbhai Anbabhai Kachadiya Vs ITO (ITAT Ahmedabad)
Reopening Beyond 3 Years Fails ₹50-Lakh Test: 8% Estimation on Cash Deposits Can’t Save Time-Barred 148
Ahmedabad ITAT held that reassessment initiated beyond three years was without jurisdiction, as the escaped income did not meet the ₹50-lakh threshold prescribed u/s 149(1)(b).
The Assessee, a commission agent in fruits & vegetables, had not filed return for AY 2013-14, claiming income below basic exemption. Based on information of cash deposits, AO issued notice u/s 148 on 30-07-2022 (beyond 3 years). During reassessment, AO tre...
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