ITAT Quashes Reopening as Income Below ₹50 Lakh, Notice Beyond 3-Year Limit

Advertisement Asifiqbal Ismail Jangda Vs I.T.O (ITAT Surat) The Income Tax Appellate Tribunal (ITAT), Surat bench, has invalidated the reassessment proceedings initiated against an individual taxpayer, Asifiqbal Ismail Jangda, for Assessment Year (AY) 2015-16. The tribunal held that the notice for reopening the assessment, issued more than three years after the relevant assessment year, was beyond the permissible time limit as the alleged escaped income was below the statutory threshold of ₹50 lakh. The case stemmed from information received by the Assessing Officer (AO) indicating that M...