https://www.taxtmi.com/caselaws?id=782619 The Tribunal allowed the assessee's appeal and quashed the reassessment proceedings. For AY 2017-18, it held that the notice issued u/s 148A beyond three years was invalid as the alleged escaped income of Rs. 29,55,558/- was below the Rs. 50 lakh threshold under Explanation 2(b) to Section 148A, rendering the reopening without jurisdiction. For AY 2018-19, the Tribunal found no escapement of income since the assessee's return, though belated, reflected a loss of Rs. 52,86,454/- and no valid claim of loss set-off under Section 139(3) or u/s 147 existed. Consequently, the reassessment orders were set aside and other grounds were rendered academic. en-us Tue, 12 Aug 2025 00:00:00 +0530 Tue, 02 Dec 2025 08:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782619 The Tribunal allowed the assessee's appeal and quashed the reassessment proceedings. For AY 2017-18, it held that the notice issued u/s 148A beyond three years was invalid as the alleged escaped income of Rs. 29,55,558/- was below the Rs. 50 lakh threshold under Explanation 2(b) to Section 148A, rendering the reopening without jurisdiction. For AY 2018-19, the Tribunal found no escapement of income since the assessee's return, though belated, reflected a loss of Rs. 52,86,454/- and no valid claim of loss set-off under Section 139(3) or u/s 147 existed. Consequently, the reassessment orders were set aside and other grounds were rendered academic. Case-Laws Income Tax Tue, 12 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782619