https://www.taxtmi.com/caselaws?id=226214 The Allahabad High Court ruled in favor of the petitioners, quashing the reassessment notices related to the assessment year 2000-2001. The court found that the reassessment proceedings initiated beyond the normal four-year period were time-barred as the reasons recorded did not specify that the income chargeable to tax which had allegedly escaped assessment amounted to Rs.1 Lakh or more. The judgment emphasized the importance of the Assessing Officer clearly stating the income amount that has escaped assessment to trigger the extended period of limitation under section 149 (1) (b) of the Income Tax Act. en-us Wed, 17 Apr 2013 00:00:00 +0530 Wed, 22 Jul 2026 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=226214 The Allahabad High Court ruled in favor of the petitioners, quashing the reassessment notices related to the assessment year 2000-2001. The court found that the reassessment proceedings initiated beyond the normal four-year period were time-barred as the reasons recorded did not specify that the income chargeable to tax which had allegedly escaped assessment amounted to Rs.1 Lakh or more. The judgment emphasized the importance of the Assessing Officer clearly stating the income amount that has escaped assessment to trigger the extended period of limitation under section 149 (1) (b) of the Income Tax Act. Case-Laws Income Tax Wed, 17 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=226214