https://www.taxtmi.com/caselaws?id=769644 The ITAT Mumbai quashed a reopening notice issued under section 148 beyond 3 years but within 10 years from the assessment year end. The AO reopened assessment based on property transaction information, claiming escaped income of Rs. 32,78,500 (difference between actual purchase price Rs. 80 lacs and stamp duty value Rs. 1,12,78,500). The tribunal held that for notices issued beyond 3 years, the escaped income threshold must be minimum Rs. 50 lacs under section 149(1). Since the escaped income was only Rs. 32,78,500, below the statutory threshold, the notice and subsequent order under section 148A(d) were declared void ab initio. The appeal was decided in favor of the assessee. en-us Thu, 17 Apr 2025 00:00:00 +0530 Tue, 29 Apr 2025 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769644 The ITAT Mumbai quashed a reopening notice issued under section 148 beyond 3 years but within 10 years from the assessment year end. The AO reopened assessment based on property transaction information, claiming escaped income of Rs. 32,78,500 (difference between actual purchase price Rs. 80 lacs and stamp duty value Rs. 1,12,78,500). The tribunal held that for notices issued beyond 3 years, the escaped income threshold must be minimum Rs. 50 lacs under section 149(1). Since the escaped income was only Rs. 32,78,500, below the statutory threshold, the notice and subsequent order under section 148A(d) were declared void ab initio. The appeal was decided in favor of the assessee. Case-Laws Income Tax Thu, 17 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769644