Reassessment Quashed: Co-owner’s Share Below ₹50 Lakh, Notice Held Time-Barred

Mohd Muslim Asgar Ali Mandawariya Vs ITO (ITAT Mumbai) Reassessment Quashed: Co-owner’s Share Below ₹50 Lakh, Notice Held Time-Barred The Mumbai ITAT quashed the reassessment proceedings against Mohd Muslim Asgar Ali Mandawariya for AY 2016-17, holding that the notice issued under section 148 was barred by limitation since the alleged escaped income was less than ₹50 lakh. The case was reopened on the basis of information that the assessee had participated in the purchase of an immovable property valued at more than ₹50 lakh. During the proceedings under section 148A, the assessee expl...