Section 148 Notice Beyond 3 Years Barred for Income Under ₹50L: ITAT Bangalore

Smt. Neelamma Vs ITO (ITAT Bangalore) Income Tax Appellate Tribunal (ITAT) Bangalore allowed the appeal of Neelamma, quashing the reassessment notice issued under Section 148 of the Income Tax Act, 1961. The case pertained to the assessment year 2018-19, where the assessee, engaged in the flower business, was issued a notice under Section 148A(b) after the Income Tax Department found an alleged undisclosed deposit of ₹61,90,000 in her bank account. However, the assessee clarified that only ₹12,38,000 had been deposited, sourced from her business. Despite this clarification, the Assessi...