https://www.taxtmi.com/caselaws?id=767447 The HC of Karnataka dismissed the Revenue's intra-court appeal, affirming the Single Judge's order that favored the respondent-Assessee. The court agreed that the quantum of escaped income should account for deductions like the cost of acquisition, which would reduce the amount below the Rs. 50.00 lakh threshold. This decision aligned with a precedent from the Madhya Pradesh HC, upheld by the SC. Consequently, the order under Section 148A(d) and the notice under Section 148 of the Income Tax Act, 1961, were set aside, with costs made easy. en-us Mon, 10 Feb 2025 00:00:00 +0530 Mon, 17 Mar 2025 18:23:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767447 The HC of Karnataka dismissed the Revenue's intra-court appeal, affirming the Single Judge's order that favored the respondent-Assessee. The court agreed that the quantum of escaped income should account for deductions like the cost of acquisition, which would reduce the amount below the Rs. 50.00 lakh threshold. This decision aligned with a precedent from the Madhya Pradesh HC, upheld by the SC. Consequently, the order under Section 148A(d) and the notice under Section 148 of the Income Tax Act, 1961, were set aside, with costs made easy. Case-Laws Income Tax Mon, 10 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767447