Income Tax Reassessments Must Be Based on Net Taxable Income, Not Gross Sale proceeds

Vipendra Ravindra Mandal Vs ITO (ITAT Mumbai) ITAT Upholds Taxpayer Rights, Limits Section 148 Reassessments on Net Income: ITAT confirmed that income tax reassessments must be based on net taxable income, not gross sale proceeds. Notices issued beyond the three-year window without exceeding ₹50 lakh threshold are invalid. This case involves Vipendra Ravindra Mandal challenging the legality of reassessment proceedings initiated by the Income Tax Department for the assessment year 2016-17. The core issues concern whether the Department was justified in issuing notice under Section 148 of the ...