Case Law Analysis
|Income Tax Appellate Tribunal
Section 149(1)(b) IT Act | Notice u/s 148 Invalid If Escaped Income Below ₹50 Lakh Without Asset Representation : ITAT Delhi
ITAT Delhi quashes reassessment proceedings where the escaped income was below ₹50 lakh and not represented by assets, holding that Section 149(1)(b) preconditions were not met. The ruling reinforces strict compliance requirements for reopening assessments beyond three years, impacting taxpayers facing similar notices.