Reassessment beyond 3 years where escaped assessment is below 50 Lakhs not tenable: Delhi HC

Acropolis Realty Pvt. Ltd Vs ITO (Delhi High Court) Delhi High Court held that initiation of reassessment proceedings beyond period of 3 years from end of relevant A.Y. quashed since escaped assessment is below threshold limit of Rs. 50 Lakhs. Thus, petition allowed and order quashed. Facts- The petitioner filed its return of income for AY 2019-20 on 20.03.2020 declaring ‘NIL’ income. The petitioner did not receive any intimation regarding its return at the material time. AO sought to reopen the assessment by initiating proceedings u/s. 148A of the Income Tax Act, 1961. Accordingly, the AO...