Section 148 Notice Quashed as Escaped Income Was Below ₹50 Lakh & Issued After 3 Years

Manojbhai Parsottambhai Poriya Vs ITO (ITAT Mumbai) The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals) dated 07.01.2025 for Assessment Year 2017-18. The assessee had challenged several issues, including the validity of the reassessment proceedings, the issuance of notice under Section 148 of the Income Tax Act, additions made under Sections 69C and 56(2)(vii)(b), levy of penalties under Sections 270A and 272A(1)(d), and charging of interest under Section 234B. At the outset, the ass...