AdvertisementNarayan Ram Luhar Vs ITO (ITAT Mumbai) Mumbai ITAT: Reassessment Beyond Three Years Quashed Where Escaped Income Was Below ₹50 Lakh The Mumbai ITAT quashed the reassessment proceedings for AY 2016-17, holding that no notice under section 148 can be issued beyond three years from the end of the relevant assessment year where the alleged escaped income is less than ₹50 lakh. The Tribunal also held that approval from the wrong authority vitiated the reopening. The Tribunal first condoned a 463-day delay in filing the appeal, accepting the assessee’s explanation that the delay occurred d...