https://www.taxtmi.com/caselaws?id=770177 Three conditions under the asset-based exception to limitation require (1) possession of books or documents showing escaped income, (2) that escaped income be represented as an asset, and (3) the amount meet the monetary threshold. The assessor's belief rested solely on salary and wages debited for prior years; such nominal account entries do not constitute an asset. Because the asset requirement is unmet and the prior period nature of the expense was disclosed in the accounts, reassessment notice issued after the limitation period was invalid and the reassessment proceedings were set aside in favour of the assessee. en-us Fri, 02 May 2025 00:00:00 +0530 Mon, 09 Feb 2026 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770177 Three conditions under the asset-based exception to limitation require (1) possession of books or documents showing escaped income, (2) that escaped income be represented as an asset, and (3) the amount meet the monetary threshold. The assessor's belief rested solely on salary and wages debited for prior years; such nominal account entries do not constitute an asset. Because the asset requirement is unmet and the prior period nature of the expense was disclosed in the accounts, reassessment notice issued after the limitation period was invalid and the reassessment proceedings were set aside in favour of the assessee. Case-Laws Income Tax Fri, 02 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770177