https://www.taxtmi.com/caselaws?id=770403 ITAT Mumbai quashed reassessment proceedings initiated under Section 147 beyond the three-year limitation period. The AO had issued notice and made best judgment assessment adding stamp duty value differences under Section 56(2) and unexplained investment under Section 69. Following HC precedents in Ganesh Dass Khanna and Naresh Balchandrarao Shinde, ITAT held that reassessment beyond three years requires escaped income of Rs. 50 lakh or above for serious tax evasion cases. The tribunal quashed the Section 148A(d) order and Section 148 notice, allowing the assessee's appeal and rendering other grounds academic. en-us Fri, 20 Dec 2024 00:00:00 +0530 Fri, 09 May 2025 13:01:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770403 ITAT Mumbai quashed reassessment proceedings initiated under Section 147 beyond the three-year limitation period. The AO had issued notice and made best judgment assessment adding stamp duty value differences under Section 56(2) and unexplained investment under Section 69. Following HC precedents in Ganesh Dass Khanna and Naresh Balchandrarao Shinde, ITAT held that reassessment beyond three years requires escaped income of Rs. 50 lakh or above for serious tax evasion cases. The tribunal quashed the Section 148A(d) order and Section 148 notice, allowing the assessee's appeal and rendering other grounds academic. Case-Laws Income Tax Fri, 20 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770403