Limitation for Reopening

Commodity Trader’s Rs. 2.48 Crore NSEL Transactions Drew Tax Scrutiny; ITAT Cancels Reassessment Over Rs. 4.27 Lakh Profit The Income Tax Appellate Tribunal (ITAT), Delhi, held that where the income allegedly escaping assessment is below Rs 50 lakh, reopening beyond three years is impermissible and the notice issued under Section 148 is liable to be…