TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Reopening of Income-Tax Assessment Where Escaped Income Below Rs.50 Lakh u/s 149(1)(b) Held Invalid</h1> Dominant issue: validity of reopening assessment under limitation provisions of the Income Tax Act. Reasoning: under Section 149(1)(b) the threshold for ... Validity of reopening of assessment - period of limitation - benefit of the new tax time - HELD THAT:- Although there is a point involved in the matter to be argued by the revenue, however, having regard to the fact that under Section 149(1)(b) of the Income Tax Act, 1961, the income which has escaped assessment is less than Rs.50 lakh, and in such circumstances, the benefit of the new tax time limit of 10 years prescribed under Section 149(1)(b) of the new regime would not apply. On this short point, we dismiss the Special Leave Petition, keeping the larger issue pending. Issues: Whether the new 10-year limitation period under Section 149(1)(b) of the Income-tax Act, 1961 applies where the income which has escaped assessment is less than Rs.50 lakh.Analysis: The Court considered the threshold condition in Section 149(1)(b) of the Income-tax Act, 1961 prescribing the new 10-year time limit and applied that statutory criterion to the facts before it. The Court observed that where the income escaping assessment is below Rs.50 lakh the statutory requirement for invocation of the extended 10-year period is not satisfied, and therefore the extended limitation cannot be applied.Conclusion: The new 10-year limitation period under Section 149(1)(b) of the Income-tax Act, 1961 does not apply where the income which has escaped assessment is less than Rs.50 lakh; conclusion is in favour of the assessee.
TaxTMI 
TaxTMI 
