Escaped Income Above Rs. 50 Lakh Justifies Ten-Year Reassessment: Rajasthan HC

Sachin Panchal Vs DCIT (Rajasthan High Court) The Rajasthan High Court considered a petition filed by an individual assessee challenging a reassessment notice issued under Section 148 of the Income Tax Act, 1961 for Assessment Year (AY) 2015-16. The petitioner contended that the notice dated 28.08.2024 was time barred, as the statutory period for reassessment had expired on 31.03.2022, six years from the end of the relevant assessment year. Counsel for the petitioner relied on the Supreme Court decision in Union of India v. Rajeev Bansal (2025), arguing that the extension under the Taxation an...