Sec 149(1)(b): Reopening Beyond 3 Years Only if Escaped Income amount to ₹50 lakh or more

Rupinder Singh Duggal Vs ITO (ITAT Ahmedabad) The tribunal held that reassessment proceedings initiated under Section 148 were invalid as the alleged escaped income did not meet the statutory threshold prescribed under Section 149(1)(b). The Assessing Officer relied on information regarding salary, property sale, and share transactions to reopen the case, alleging escaped income exceeding ₹50 lakh. However, the tribunal found that the actual income assessed, including salary, capital gains, and disallowances, was below ₹50 lakh. It clarified that “income escaping assessment” refers to ...