Income Tax Reassessment Beyond 3 Years Barred If Escaped Income Below ₹50 Lakhs

Salim Aboobacker Vs ITO (Kerala High Court) In a significant ruling for income tax assessees, the Kerala High Court has set aside a reassessment order, emphasizing that proceedings under Section 148A of the Income Tax Act, 1961, are unsustainable if the alleged escaped income is below ₹50 lakhs and the notice is issued after the standard three-year limitation period. The judgment, delivered in the case of Salim Aboobacker Vs ITO, underscores the strict adherence required to statutory time limits for reopening assessments. The petitioner, Salim Aboobacker, an income tax assessee, was challeng...