https://www.taxtmi.com/caselaws?id=445097 The HC dismissed the writ petition challenging reassessment proceedings u/s 147. The assessee argued that reassessment was invalid as the escaped income was below Rs. 50 lakhs threshold under amended law. The court held that jurisdiction assumption and assessment order passing are separate exercises. The assessing authority validly assumed jurisdiction based on initial belief of Rs. 54 lakhs escapement, though later reduced to Rs. 27 lakhs. The threshold requirement under section 149 applies at initiation stage, not during subsequent proceedings. Subsequent developments during reassessment cannot retrospectively invalidate the initial assumption of jurisdiction. No sanction was required at initiation stage. en-us Fri, 26 May 2023 00:00:00 +0530 Tue, 31 Oct 2023 09:55:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445097 The HC dismissed the writ petition challenging reassessment proceedings u/s 147. The assessee argued that reassessment was invalid as the escaped income was below Rs. 50 lakhs threshold under amended law. The court held that jurisdiction assumption and assessment order passing are separate exercises. The assessing authority validly assumed jurisdiction based on initial belief of Rs. 54 lakhs escapement, though later reduced to Rs. 27 lakhs. The threshold requirement under section 149 applies at initiation stage, not during subsequent proceedings. Subsequent developments during reassessment cannot retrospectively invalidate the initial assumption of jurisdiction. No sanction was required at initiation stage. Case-Laws Income Tax Fri, 26 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445097