Tax Reassessment Invalidated: Section 148 Notice Struck Down for Failing to Meet Statutory Income Threshold Criteria

HC adjudicated reassessment proceedings challenging tax notice under Section 148, determining that conditions in Section 149(1A) were not satisfied. The court interpreted the statutory threshold of Rs. 50 lakhs escaped income, clarifying that cumulative income from multiple assessment years can be considered, but must be represented through a specific asset or expenditure related to a singular event or occasion. The court ultimately allowed the petition and set aside the reassessment proceedings, emphasizing strict compliance with procedural limitations in tax reassessment mechanisms. .....

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