The Delhi HC quashes time-barred income tax reassessment, holding escaped income below Rs. 50 lakh does not justify reopening beyond three years.
In a recent ruling, the Delhi High Court quashed an income tax reassessment, holding that reassessment proceedings could not be sustained beyond the three-year limitation period where the amount allegedly escaping assessment did not exceed Rs. 50 lakh. Ankit Khandelwal, the petitioner, a resident individual, had filed his return of income for the Assessment Year 2014-15…
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