ITAT Quashes Reassessment as Escaped Income Was Below Rs. 50 Lakh and Notice Was Issued Beyond Three Years

Senthilkumar Thangaraj Vs ITO (ITAT Mumbai) The assessee, a salaried individual, filed a return of income for Assessment Year (AY) 2016-17 declaring a total income of Rs. 7,01,880 and claiming deductions of Rs. 1,55,330 under Chapter VI-A against a gross total income of Rs. 8,57,211. Subsequently, the Assessing Officer (AO) initiated reassessment proceedings by issuing a notice under Section 148 of the Income Tax Act on the ground that income of Rs. 2,03,816 had escaped assessment. During the reassessment proceedings, the assessee did not appear before the AO. Consequently, an ex parte assessm...