Reassessment beyond 3 years for escaped income less than 50 Lacs impermissible: ITAT Mumbai

Pankaj Chandrakant Pimple Vs International Tax Ward 3(3)(1) (ITAT Mumbai) ITAT Mumbai held that reopening of assessment under section 148 of the Income Tax Act beyond 3 years liable to be quashed as escaped income is less than INR 50,00,000. Thus, notice issued u/s. 148 quashed. Facts- Based upon the information, the assessee’s case was reopened for the reason that the assessee has entered into transaction for purchase of property for a sale consideration of Rs. 90,00,000/-, were the stamp duty value of the said property was Rs. 1,25,13,283/-. AO passed the draft assessment order dated 19.05...