ITAT Quashes Reassessment: Escaped Income Below Rs. 50 Lakh Bars Extended Time Limit Reason

Malkiat Singh Vs ITO (ITAT Delhi) Half-share, half-truth – AO’s wrong assumption of ₹ 1 cr sale kills jurisdiction- escaped income below ₹ 50 lakh bars extended time under s. 149(1)(b)- Reassessment u/s 147 quashed as notice issued beyond 3-year limit – Assessee challenged the order of NFAC dated 16.06.2025 upholding reassessment for A.Y. 2017-18. AO had issued notice u/s 148A(b) on 09.02.2024 alleging escapement of income based on information of sale of immovable property of ₹ 1.02 crore, purchase of property ₹ 32.20 lakh, &  TDS receipts ₹ 79,200. Assessment was complete...