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Section 148 Reassessment Quashed as ₹50 Lakh Threshold Not Met for Same Transaction: ITAT Delhi
Case Law Details
- Case Name
- Aero Promoters Private Limited Vs DCIT Central (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Delhi
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Aero Promoters Private Limited Vs DCIT Central (ITAT Delhi)
The ITAT Delhi held that the extended limitation under Sections 149(1)(b) and 149(1A) of the Income Tax Act could not be invoked by aggregating alleged unexplained expenditure arising from two distinct transactions merely to satisfy the statutory threshold of ₹50 lakh. The reassessment proceedings were initiated beyond three years based on seized Excel sheets allegedly recording cash payments for purchase of furniture and payment of interior designing consultancy fees across AYs 2014-15, 2015-16 and 2016-17. The Ass...
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