https://www.taxtmi.com/caselaws?id=331661 The appeal challenging the assessment order was dismissed. The court found the re-assessment proceedings valid as the notice was issued within the prescribed timeline and based on valid information indicating no business activity. The belief of income escapement was supported by the lack of business activity over several years. The claim of the assessment order being time-barred lacked evidence. The absence of proof of business activity during the relevant year led to the rejection of the business loss claim. The bifurcation of consideration between land and buildings was upheld. en-us Wed, 20 Jul 2016 00:00:00 +0530 Tue, 30 Aug 2016 10:59:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331661 The appeal challenging the assessment order was dismissed. The court found the re-assessment proceedings valid as the notice was issued within the prescribed timeline and based on valid information indicating no business activity. The belief of income escapement was supported by the lack of business activity over several years. The claim of the assessment order being time-barred lacked evidence. The absence of proof of business activity during the relevant year led to the rejection of the business loss claim. The bifurcation of consideration between land and buildings was upheld. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331661