https://www.taxtmi.com/caselaws?id=780041 ITAT MUMBAI - AT held the reassessment proceedings unsustainable and allowed the appeal, finding that the net income represented as assets was below the Rs. 50,00,000 threshold and therefore no valid notice under section 148 could be issued beyond the three-year period. Although the AO treated the entire sale consideration as escaped income in absence of information, the Tribunal adopted the view favorable to the assessee, concluding the statutory monetary threshold applies even where no representation under section 148A was made, rendering the reopening invalid. en-us Mon, 22 Sep 2025 00:00:00 +0530 Fri, 17 Oct 2025 08:08:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780041 ITAT MUMBAI - AT held the reassessment proceedings unsustainable and allowed the appeal, finding that the net income represented as assets was below the Rs. 50,00,000 threshold and therefore no valid notice under section 148 could be issued beyond the three-year period. Although the AO treated the entire sale consideration as escaped income in absence of information, the Tribunal adopted the view favorable to the assessee, concluding the statutory monetary threshold applies even where no representation under section 148A was made, rendering the reopening invalid. Case-Laws Income Tax Mon, 22 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780041