Reopening u/s. 148 bad-in-law as income escaped assessment is less than Rs. 50 lakhs

Adiparashakti Boards Vs ITO (ITAT Hyderabad) ITAT Hyderabad held that reopening of assessment u/s. 148 of the Income Tax Act is void-ab-initio since income escaped assessment doesn’t exceed Rs. 50 lakhs or more. Accordingly, assessment order passed by AO is quashed. Facts- The assessment has been reopened U/s. 147 of the Act for the reasons recorded, as per which, income chargeable to tax had been escaped assessment and accordingly, notice U/s. 148A(b) of the Act, dated 24/03/2022 was issued with the reason that as per the NMS Model of Insight Portal for FY 2014-15, the assessee has entered ...