TMI BlogValidity of orders and notices issued u/s 148 - Quantum of escaped income - determination of period of...Validity of orders and notices issued u/s 148 - Quantum of escaped income - determination of period of limitation - There is a complete non-application of mind. The payment of loan by the petitioner could not have been added to the loan amount, which the petitioner claims, was received from unrelated parties - the attempt appears to be to, somehow, take the amount which, according to the AO, escaped assessment, over the threshold limit of Rs. 50 lakhs. - Notice and order quashed - HC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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