Reassessment Quashed – Escaped Income Below ₹50 Lakh; Wrong Sanction Authority: ITAT Mumbai

Late Chanchal Hiralal Shah Vs ITO (ITAT Mumbai) Reassessment notice invalid – Escaped income below ₹50 lakh & wrong sanctioning authority – Entire proceedings quashed – ITAT Mumbai In Late Chanchal Hiralal Shah vs ITO (A.Y. 2017-18), reassessment was initiated alleging difference between purchase consideration and stamp duty value of property, leading to proposed addition u/s 56(2)(vii)(b). The assessee challenged validity of notice issued u/s 148 under the new regime on limitation and sanction grounds. The ITAT examined the provisions of sections 149 and 151 along with the Supreme...