https://www.taxtmi.com/caselaws?id=5654 Reassessment under the income-tax law requires relevant material bearing on escapement of income, and letters issued under a separate foreign-exchange regime cannot, by themselves, supply that foundation. The foreign-exchange letters regulated remittance limits abroad, not the allowability of income-tax deductions, and any contravention under that regime had to be addressed under the foreign-exchange law. Because the remittance ceiling did not convert previously allowed deductions into escaped income, the reassessment notices lacked jurisdiction and were quashed. The appeals succeeded. en-us Mon, 30 Mar 1998 00:00:00 +0530 Tue, 06 Jan 2026 15:21:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5654 Reassessment under the income-tax law requires relevant material bearing on escapement of income, and letters issued under a separate foreign-exchange regime cannot, by themselves, supply that foundation. The foreign-exchange letters regulated remittance limits abroad, not the allowability of income-tax deductions, and any contravention under that regime had to be addressed under the foreign-exchange law. Because the remittance ceiling did not convert previously allowed deductions into escaped income, the reassessment notices lacked jurisdiction and were quashed. The appeals succeeded. Case-Laws Income Tax Mon, 30 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5654