https://www.taxtmi.com/caselaws?id=752589 The ITAT Mumbai quashed reassessment proceedings initiated beyond four years where the AO failed to record belief that escaped income exceeded Rs. 1,00,000 as mandated under section 149(1)(b). Following Hindustan Unilever precedent, the tribunal held that without specific recording of tax effect exceeding the threshold amount and failure to point out non-disclosure of material facts by the assessee, the reassessment proceedings were void ab-initio. The assessee's appeal was allowed. en-us Tue, 30 Apr 2024 00:00:00 +0530 Tue, 14 May 2024 06:53:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752589 The ITAT Mumbai quashed reassessment proceedings initiated beyond four years where the AO failed to record belief that escaped income exceeded Rs. 1,00,000 as mandated under section 149(1)(b). Following Hindustan Unilever precedent, the tribunal held that without specific recording of tax effect exceeding the threshold amount and failure to point out non-disclosure of material facts by the assessee, the reassessment proceedings were void ab-initio. The assessee's appeal was allowed. Case-Laws Income Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752589