Case Law Analysis
|Income Tax Appellate Tribunal
Section 149(1)(b) IT Act | Rs. 50 Lakh Escaped Income Threshold Mandatory for Reassessment Beyond 3 Years : ITAT Ahmedabad
ITAT Ahmedabad quashes reassessment proceedings for AY 2017-18, ruling that escaped income below Rs. 50 lakhs does not trigger jurisdiction under Section 149(1)(b) of the Income Tax Act. The decision reinforces the statutory threshold as a non-negotiable precondition for reassessment beyond three years, impacting tax authorities' powers to reopen closed assessments.