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Reassessment Quashed – Escaped Income Below ₹50 Lakh; Wrong Sanction Authority: ITAT Mumbai
Case Law Details
- Case Name
- Late Chanchal Hiralal Shah Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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Late Chanchal Hiralal Shah Vs ITO (ITAT Mumbai)
Reassessment notice invalid – Escaped income below ₹50 lakh & wrong sanctioning authority – Entire proceedings quashed – ITAT Mumbai
In Late Chanchal Hiralal Shah vs ITO (A.Y. 2017-18), reassessment was initiated alleging difference between purchase consideration and stamp duty value of property, leading to proposed addition u/s 56(2)(vii)(b). The assessee challenged validity of notice issued u/s 148 under the new regime on limitation and sanction grounds.
The ITAT examined the provisions of sections 149 and 151 along...
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