Reassessment notice u/s 148 quashed – Income below ₹50 lakh wrong sanctioning authority – ITAT Mumbai

Suman Jagannath Sankhe Vs CIT (Appeals) (ITAT Mumbai) In Suman Jagannath Sankhe vs CIT(A) (A.Y. 2016-17), reassessment was initiated based on alleged cash deposits of ₹15 lakh. The assessee challenged jurisdiction on multiple legal grounds including limitation, absence of proper sanction u/s 151 and defects in procedure under the new reassessment regime. The ITAT examined whether the notice u/s 148 issued on 19.07.2022 under the new law complied with section 151. It observed that income alleged to have escaped assessment was only ₹15 lakh, i.e., below ₹50 lakh, and the notice was issued ...