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- O

Please become a Premium member. If you are already a Premium member, login here to access the full content.