Reopening Below ₹50 Lakh Without PCCIT Approval Is Invalid

Rampal Vs ITO (ITAT Lucknow) Reopening Below ₹50 Lakh Without PCCIT Approval Is Void: ITAT Quashes Ex-Parte Assessment The Lucknow SMC Bench of the Income Tax Appellate Tribunal allowed the assessee’s appeal for AY 2015-16, condoning the delay in filing the appeal and quashing the reassessment proceedings as being without jurisdiction. The Tribunal held that where the alleged escaped income is below ₹50 lakh, reopening beyond three years mandates prior approval of the Principal Chief Commissioner of Income-tax (PCCIT) under the post-Finance Act, 2021 regime. As the Revenue failed to prod...