https://www.taxtmi.com/caselaws?id=773290 ITAT Ahmedabad held that reassessment notice under Section 148A was barred by limitation due to non-fulfillment of monetary threshold under Section 149. The AO failed to conduct proper analysis before forming belief that escaped income would exceed Rs. 50 lakh. Bank statement showed credits were from maturity of fixed deposits, not escaped income. AO's non-application of mind and lack of preliminary analysis rendered the notice invalid. Even actual additions made were below Rs. 50 lakh threshold. Appeal allowed, following precedents where escaped income below statutory threshold makes reassessment unsustainable. en-us Wed, 18 Jun 2025 00:00:00 +0530 Fri, 20 Jun 2025 08:34:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773290 ITAT Ahmedabad held that reassessment notice under Section 148A was barred by limitation due to non-fulfillment of monetary threshold under Section 149. The AO failed to conduct proper analysis before forming belief that escaped income would exceed Rs. 50 lakh. Bank statement showed credits were from maturity of fixed deposits, not escaped income. AO's non-application of mind and lack of preliminary analysis rendered the notice invalid. Even actual additions made were below Rs. 50 lakh threshold. Appeal allowed, following precedents where escaped income below statutory threshold makes reassessment unsustainable. Case-Laws Income Tax Wed, 18 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773290