This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Escapement Below ₹50L: ITAT Quashes 148 Notice Issued After 3 Years
Case Law Details
- Case Name
- Bhagirathi Krishnan Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Bhagirathi Krishnan Vs ITO (ITAT Delhi)
AO issued notice u/s 148A(b) on 15.02.2023 alleging investment of ₹70 lakh in property & trading transactions, claiming escapement > ₹50 lakh. Assessee replied same day explaining that ₹62 lakh was paid by her husband (supported by bank statements & his ROI showing income of ₹48.87L & ₹72.25L) & balance was from her past savings and gifts. She also showed losses in SBI shares & F&O. AO ignored all these and issued 148 on 25.03.2023—beyond 3 years from end of AY 2016-17—and ultimately made additions of only ₹7,25...
Author Info
