Section 148 Notice quashed for Being Issued Beyond Time Limit for Income Below ₹50 Lakhs

Sonali Dharmendra Mhatre Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has allowed an appeal filed by assessee Sonali Dharmendra Mhatre, quashing the reassessment proceedings initiated against her for the Assessment Year 2015-16. The Tribunal ruled that the notice issued under Section 148 of the Income Tax Act, 1961, was null and void as it was issued beyond the permissible time limit for cases where the escaped income does not exceed Rs. 50 lakhs. The appeal was filed against an order dated October 15, 2024, passed by the National Faceless Appeal Center (NFAC)/C...