Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
ITAT held that reassessment initiated after three years from the end of AY 2017-18 could not be sustained where the alleged escaped income was only Rs. 5,00,000, because section 149(1)(b) applies only when the escaped income is, or is likely to be, Rs. 50,00,000 or more in the prescribed form. As that statutory threshold was not met, the sanction under section 151 was invalid and the notice under section 148 was bad in law, rendering the reassessment under section 147 liable to be quashed. The merits of the addition and the remaining grounds were left unadjudicated as academic.
ITAT held that reassessment initiated after three years from the end of AY 2017-18 could not be sustained where the alleged escaped income was only Rs. 5,00,000, because section 149(1)(b) applies only when the escaped income is, or is likely to be, Rs. 50,00,000 or more in the prescribed form. As that statutory threshold was not met, the sanction under section 151 was invalid and the notice under section 148 was bad in law, rendering the reassessment under section 147 liable to be quashed. The merits of the addition and the remaining grounds were left unadjudicated as academic.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
