Reassessment Quashed as Escaped Income Was Below ₹50 Lakh After Three-Year Limit

Manish Jagdish Joshi Vs CIT(DRP-3) (ITAT Mumbai) The Mumbai ITAT allowed the assessee’s appeal and quashed the reassessment proceedings for Assessment Year 2017-18, holding that the notice issued under Section 148 was invalid as it violated the provisions of Sections 149 and 151 of the Income-tax Act. The Tribunal held that the reassessment proceedings were both time-barred and initiated without approval from the correct statutory authority. The assessee, a non-resident individual, had filed a return declaring income of ₹25,950. Information was subsequently received from the office of the ...