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

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