Reassessment Quashed for Escaped Income Below ₹50 Lakh Threshold

Ashokbhai Anbabhai Kachadiya Vs ITO (ITAT Ahmedabad) Reopening Beyond 3 Years Fails ₹50-Lakh Test: 8% Estimation on Cash Deposits Can’t Save Time-Barred 148 Ahmedabad ITAT held that reassessment initiated beyond three years was without jurisdiction, as the escaped income did not meet the ₹50-lakh threshold prescribed u/s 149(1)(b). The Assessee, a commission agent in fruits & vegetables, had not filed return for AY 2013-14, claiming income below basic exemption. Based on information of cash deposits, AO issued notice u/s 148 on 30-07-2022 (beyond 3 years). During reassessment, AO tre...