https://www.taxtmi.com/caselaws?id=785060 Reopening of income-tax assessment under limitation rules was considered: the extended limitation period cannot be invoked where there is no material demonstrating that the alleged escaped income is represented in the form of an asset; consequently, the notice and subsequent proceedings under reassessment were set aside and the assessment quashed. The legal basis rests on the principle that invocation of an extended limitation relies on tangible asset representation of escaped income, and in its absence reassessment beyond the standard period is impermissible. en-us Fri, 09 Jan 2026 00:00:00 +0530 Fri, 16 Jan 2026 08:03:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785060 Reopening of income-tax assessment under limitation rules was considered: the extended limitation period cannot be invoked where there is no material demonstrating that the alleged escaped income is represented in the form of an asset; consequently, the notice and subsequent proceedings under reassessment were set aside and the assessment quashed. The legal basis rests on the principle that invocation of an extended limitation relies on tangible asset representation of escaped income, and in its absence reassessment beyond the standard period is impermissible. Case-Laws Income Tax Fri, 09 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785060