Reassessment Beyond 3 Years Invalid if Escaped Income Below ₹50 Lakh: Delhi HC

Mohd Athar Anjum Vs ACIT (Delhi High Court) The Delhi High Court has set aside an income tax reassessment order, notice, and a preliminary order, clarifying the conditions for reopening an assessment beyond the standard three-year period. In the case of Mohd Athar Anjum vs. ACIT, the court ruled that to extend the limitation period to ten years, the income alleged to have escaped assessment must be represented by a single asset or relate to a single event with a value exceeding ₹50 lakh. The court determined that the tax department’s attempt to aggregate multiple, unrelated cash transa...