Tag Archives: Joint Commissioner of Income-tax (OSD)

Reassessment notices beyond three years are invalid if escaped profit is under fifty lakhs.

By | September 21, 2026
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Reassessment notices beyond three years are invalid if escaped profit is under fifty lakhs. Issue Whether reassessment notices issued beyond three years under Section 148 are valid if the actual income escaping assessment (represented solely by the profit embedded in unaccounted purchases) is less than ₹50 lakhs; whether an assessment for AY 2022-23 based on… Read More »

Assessment order passed under section 143(3) in the name of a non-existent entity is legally invalid and liable to be quashed

By | September 17, 2026
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Assessment order passed under section 143(3) in the name of a non-existent entity is legally invalid and liable to be quashed Issue Whether an assessment order passed under section 143(3) of the Income-tax Act, 1961 (corresponding to section 270 of the Income-tax Act, 2025) in the name of an erstwhile partnership firm—after it had ceased… Read More »