https://www.taxtmi.com/caselaws?id=794520 Reassessment initiated after three years from the end of AY 2016-17 was held invalid because the alleged escaped income was only Rs. 15,50,000 and did not meet the section 149(1) threshold of income chargeable to tax escaping assessment of fifty lakh rupees or more; the reassessment proceedings were quashed. The penalty under section 271(1)(c) also failed because it was wholly dependent on the reassessment, and once the assessment was held unsustainable its foundation disappeared; the penalty was set aside. en-us Mon, 22 Jun 2026 00:00:00 +0530 Mon, 13 Jul 2026 00:11:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794520 Reassessment initiated after three years from the end of AY 2016-17 was held invalid because the alleged escaped income was only Rs. 15,50,000 and did not meet the section 149(1) threshold of income chargeable to tax escaping assessment of fifty lakh rupees or more; the reassessment proceedings were quashed. The penalty under section 271(1)(c) also failed because it was wholly dependent on the reassessment, and once the assessment was held unsustainable its foundation disappeared; the penalty was set aside. Case-Laws Income Tax Mon, 22 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794520