Case Law Analysis
|Income Tax Appellate Tribunal
Section 148 IT Act | Notice Beyond Limitation Period Invalid for Reopening Assessment Below ₹50 Lakh : ITAT Ahmedabad
ITAT Ahmedabad rules that reassessment notices u/s 148 issued beyond the limitation period for escaped income below ₹50 lakh are invalid, setting aside the assessment order and remanding the case for fresh consideration. The tribunal emphasized procedural fairness, requiring the AO to provide recorded reasons and allow the assessee to substantiate capital gains computation.