ITAT Mumbai: Reopening Beyond 3 Years Invalid Where Escaped Income below ₹50L-Notice u/s 148 Quashed

Darshan Singh Bagga Vs Ward 42(2)(2) (ITAT Mumbai) ITAT Mumbai: Reopening Beyond 3 Years Invalid Where Escaped Income below ₹50L-Notice u/s 148 Quashed The Mumbai ITAT held that reassessment proceedings initiated beyond three years are invalid where the alleged escaped income is below ₹50 lakh, as per the amended provisions of Section 149 introduced by the Finance Act, 2021. In this case, the AO reopened the assessment alleging escaped income of ₹2.5 lakh. However, the notice under Section 148 was issued after three years from the end of the relevant assessment year. The Tribunal observe...