ITAT Agra Judgments — September 2023

The Tribunal held that the notice issued under Section 148 was invalid because the AO's reasons did not specify that the escaped income was likely to be Rs. 1 lac or more, which is a mandatory requirement for notices issued after four years. Consequently, the reassessment proceedings were barred by time.

The Tribunal agreed that it would be inequitable to penalize the assessee if similar cases involving his brothers were dropped. Therefore, the issue was remitted back to the Assessing Officer for fresh consideration.