Reassessment Barred as Escaped Income Below ₹50 Lakh & 3-Year Limit Expired

ETC Electric Pvt. Ltd Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT) in Kolkata has delivered a significant judgment, declaring a reassessment proceeding against ETC Electric Pvt. Ltd. to be void ab initio. The tribunal’s decision was based on a legal ground concerning the limitation period for issuing a reassessment notice, specifically in cases where the alleged escaped income is below the threshold of Rs. 50 lakh. The case pertains to the assessment year (AY) 2018-19. ETC Electric Pvt. Ltd. had originally filed its return of income on October 31, 2018, declaring a total in...