ITAT Quashes 148 Notice as Income Below ₹50 Lakhs

Kalpana Vijay Kadam Vs ITO (ITAT Pune) Summary: The Pune ITAT set aside the reassessment proceedings against Kalpana Vijay Kadam for AY 2016-17, where she had jointly purchased a property with her husband. The Assessing Officer had issued a Section 148 notice, alleging unexplained investment, without considering her 50% share and the existence of a home loan. The Tribunal found that the assessee’s share of the property was only ₹33.47 lakhs, well below the ₹50 lakh threshold required for reopening assessments after three years under Section 149(1)(b). The ITAT criticized the tax authori...