Unless escaped income exceeds ₹50 lakhs no action beyond 3 years could take place

Lakshmi Multipurpose Co-operative Society Ltd. Vs ITO (ITAT Bangalore) The case of Lakshmi Multipurpose Co-operative Society vs ITO before ITAT Bangalore revolves around the jurisdictional limits of income under Section 148 of the Income Tax Act for reassessment. The dispute arose when the AO issued a notice based on deposited amounts, challenging the society’s eligibility under Section 80P(2)(a)(i). The society contested the AO’s jurisdiction under Section 148, arguing that the income in question (Rs. 48,53,282/-) fell below the Rs. 50 lakh threshold specified in Section 149(1)(b)...