Normal period will apply for reopening of assessment where escapement of income is below 50 Lakhs

Pankaj Suresh Rach Vs ITO (ITAT Mumbai) ITAT Mumbai held that normal period of limitation i.e. 3 years will apply in case of reopening of assessment where escapement of income was below Rs. 50 Lakhs and extended period of 10 years will apply only in case of concealment of income of Rs. 50 Lakhs or more. Facts- On the basis of specific information received from the office of Pr. CCIT, Mumbai with reference of DIT (I&CI), Mumbai, letter date 25/03/2019, that assessee had, during the year under consideration sold the immovable property at a consideration of Rs.48,00,000/- below the stamp dut...