Reassessment Quashed as Escaped Income Below ₹50 Lakh Threshold: ITAT Mumbai

Akshay Deepak Talim Vs ITO (International Taxation) (ITAT Mumbai) The assessee, an NRI residing in France since 2007, challenged the reassessment order for assessment year 2017–18 passed under sections 143(3) read with 144C(13) of the Income-tax Act, pursuant to directions of the Dispute Resolution Panel. The primary contention was that the reopening of assessment under section 148 was invalid as it was issued beyond three years from the end of the relevant assessment year and the alleged income escaping assessment was below ₹50 lakh, thereby not satisfying the extended limitation under se...