ITAT Quashes Reassessment as Alleged Escaped Income Was Below ₹50 Lakh Threshold

Rohit Premji Chheda Vs ITO (ITAT Mumbai) The Mumbai ITAT allowed the assessee’s appeal and quashed the reassessment proceedings initiated under Sections 147 and 148 for Assessment Year 2017-18. The assessee had originally filed a return declaring income of ₹6,28,770, and the case was reopened on the allegation that a cash loan of ₹5,00,000 had been given, leading to an addition under Section 69 as unexplained investment. Before the Tribunal, the assessee argued that the reopening was initiated beyond three years from the end of the relevant assessment year and that the alleged escaped in...