https://www.taxtmi.com/caselaws?id=773010 ITAT Pune quashed reassessment proceedings initiated beyond three years where income escaping assessment was less than Rs. 50 lakhs. The tribunal held that under Section 149(1)(b), ITO lacked jurisdiction to issue notice u/s 148 when the value of income chargeable to tax was below the statutory threshold of Rs. 50 lakhs for cases beyond three years. Following HC precedents in Sunita Purushottam Virgincar and Nitin Nema cases, the tribunal declared the order u/s 148A(d) and consequential assessment order as without jurisdiction and unsustainable in law. en-us Wed, 28 May 2025 00:00:00 +0530 Tue, 17 Jun 2025 07:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773010 ITAT Pune quashed reassessment proceedings initiated beyond three years where income escaping assessment was less than Rs. 50 lakhs. The tribunal held that under Section 149(1)(b), ITO lacked jurisdiction to issue notice u/s 148 when the value of income chargeable to tax was below the statutory threshold of Rs. 50 lakhs for cases beyond three years. Following HC precedents in Sunita Purushottam Virgincar and Nitin Nema cases, the tribunal declared the order u/s 148A(d) and consequential assessment order as without jurisdiction and unsustainable in law. Case-Laws Income Tax Wed, 28 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773010