3-Year Limit for Tax Reassessment Notice if concealed income below 50 lakh: Jharkhand HC

Sevensea Vincom Private Limited Vs PCIT (Jharkhand High Court) Introduction: The recent judgment of Jharkhand High Court in the case of Sevensea Vincom Private Limited vs PCIT has significant implications for tax reassessment. The petitioner sought to quash the notice dated 21.07.2022 under Section 148 of the Income Tax Act, 1961, pertaining to the Assessment Year 2016-17. The key contentions include the limitation period, lack of authority approval, non-consideration of replies, and insufficient information provided. Detailed Analysis: 1. Limitation Period Challenge: The petitioner argued tha...