https://www.taxtmi.com/caselaws?id=435016 Reassessment can be sustained only where the statutory conditions for limitation and section 150 are met, namely a specific finding or direction in the earlier appellate order that is necessary for disposal of the matter. On the facts stated, the notice under section 148 covered the transaction dated 08.06.2009 in the relevant later assessment year, so reopening to that extent was not barred by limitation and was upheld. The addition for alleged unaccounted investment in land purchase could not survive in full; it had to be confined to the transaction validly within the reassessment ambit and recomputed accordingly, with the remainder deleted. en-us Tue, 28 Feb 2023 00:00:00 +0530 Thu, 09 Mar 2023 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435016 Reassessment can be sustained only where the statutory conditions for limitation and section 150 are met, namely a specific finding or direction in the earlier appellate order that is necessary for disposal of the matter. On the facts stated, the notice under section 148 covered the transaction dated 08.06.2009 in the relevant later assessment year, so reopening to that extent was not barred by limitation and was upheld. The addition for alleged unaccounted investment in land purchase could not survive in full; it had to be confined to the transaction validly within the reassessment ambit and recomputed accordingly, with the remainder deleted. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435016