https://www.taxtmi.com/caselaws?id=8644 Reassessment jurisdiction depends on the assessing officer's reasonable belief, formed on the material available at the time of issuing notice, that escaped income is likely to exceed the statutory threshold. A later reassessment resulting in a lower escaped-income figure does not by itself invalidate the original notice or the competence to reopen. The commentary also notes that a challenge based on the old law's lapse-of-time bar fails where the reopening is governed by the applicable statutory framework permitting action on the requisite belief as to escaped income. The controlling point is the basis for initiation, not the final assessed quantum. en-us Thu, 26 Aug 1971 00:00:00 +0530 Sat, 09 May 2009 18:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8644 Reassessment jurisdiction depends on the assessing officer's reasonable belief, formed on the material available at the time of issuing notice, that escaped income is likely to exceed the statutory threshold. A later reassessment resulting in a lower escaped-income figure does not by itself invalidate the original notice or the competence to reopen. The commentary also notes that a challenge based on the old law's lapse-of-time bar fails where the reopening is governed by the applicable statutory framework permitting action on the requisite belief as to escaped income. The controlling point is the basis for initiation, not the final assessed quantum. Case-Laws Income Tax Thu, 26 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8644