https://www.taxtmi.com/caselaws?id=751621 ITAT Chennai quashed reopening notices under section 148 for assessment years 2013-14 to 2015-16 where escaped income was Rs. 29,20,000, being less than Rs. 50 lakhs threshold. Following SC decision in Ashish Agarwal and subsequent CBDT instructions, the tribunal held that notices cannot be issued for these assessment years when escaped income is below Rs. 50 lakhs. The notices dated 13.04.2021 and 19.03.2021 were ruled without jurisdiction and quashed in favor of the assessee. en-us Thu, 18 Apr 2024 00:00:00 +0530 Sat, 20 Apr 2024 08:45:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751621 ITAT Chennai quashed reopening notices under section 148 for assessment years 2013-14 to 2015-16 where escaped income was Rs. 29,20,000, being less than Rs. 50 lakhs threshold. Following SC decision in Ashish Agarwal and subsequent CBDT instructions, the tribunal held that notices cannot be issued for these assessment years when escaped income is below Rs. 50 lakhs. The notices dated 13.04.2021 and 19.03.2021 were ruled without jurisdiction and quashed in favor of the assessee. Case-Laws Income Tax Thu, 18 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751621