https://www.taxtmi.com/caselaws?id=28985 The draft assessment procedure applies only where the variation in returned income or loss exceeds the Board-prescribed threshold; if that threshold is not met, Section 144B is not attracted and the extended limitation under Explanation 1(iv) to Section 153 cannot be invoked. In that situation, the assessment remains governed by the ordinary limitation period, and completion beyond that period renders the assessment time-barred. The text also notes that, on the stated facts, the assessment was not completed within one year from filing of the return. en-us Thu, 30 Sep 1982 00:00:00 +0530 Tue, 09 Mar 2010 12:10:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28985 The draft assessment procedure applies only where the variation in returned income or loss exceeds the Board-prescribed threshold; if that threshold is not met, Section 144B is not attracted and the extended limitation under Explanation 1(iv) to Section 153 cannot be invoked. In that situation, the assessment remains governed by the ordinary limitation period, and completion beyond that period renders the assessment time-barred. The text also notes that, on the stated facts, the assessment was not completed within one year from filing of the return. Case-Laws Income Tax Thu, 30 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28985