https://www.taxtmi.com/caselaws?id=758103 ITAT Mumbai held that reassessment proceedings initiated against a non-resident individual deriving income from other sources were invalid. The notice under section 148 was issued beyond three years without proper sanction from the Specified Authority as required under amended section 151. Additionally, the escaped income of Rs. 43.32 lakh was below the Rs. 50 lakh threshold required for reassessment beyond three years under section 149. Following Bombay HC precedent in Siemens Financial Services case, ITAT ruled the reassessment notice was void ab initio and time-barred, deciding in favor of the assessee. en-us Mon, 26 Aug 2024 00:00:00 +0530 Fri, 06 Sep 2024 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758103 ITAT Mumbai held that reassessment proceedings initiated against a non-resident individual deriving income from other sources were invalid. The notice under section 148 was issued beyond three years without proper sanction from the Specified Authority as required under amended section 151. Additionally, the escaped income of Rs. 43.32 lakh was below the Rs. 50 lakh threshold required for reassessment beyond three years under section 149. Following Bombay HC precedent in Siemens Financial Services case, ITAT ruled the reassessment notice was void ab initio and time-barred, deciding in favor of the assessee. Case-Laws Income Tax Mon, 26 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758103