https://www.taxtmi.com/caselaws?id=773427 ITAT Mumbai held that a reassessment notice under Section 148 issued after 3 years was invalid. The AO added Rs. 22,32,379/- as escaped income, which was below the Rs. 50,00,000/- threshold required under Section 149(1)(b) for reopening beyond 3 years. The tribunal clarified that the escaped income limit applies to the specific assessment year, not total sale consideration. Following precedent from Karnataka HC in Sanath Kumar Murali, the notice was quashed as bad in law, rendering the consequential assessment order invalid. The assessee's appeal was allowed. en-us Wed, 11 Jun 2025 00:00:00 +0530 Mon, 23 Jun 2025 08:42:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773427 ITAT Mumbai held that a reassessment notice under Section 148 issued after 3 years was invalid. The AO added Rs. 22,32,379/- as escaped income, which was below the Rs. 50,00,000/- threshold required under Section 149(1)(b) for reopening beyond 3 years. The tribunal clarified that the escaped income limit applies to the specific assessment year, not total sale consideration. Following precedent from Karnataka HC in Sanath Kumar Murali, the notice was quashed as bad in law, rendering the consequential assessment order invalid. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 11 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773427