https://www.taxtmi.com/caselaws?id=787048 Failure to complete reassessment within the statutory outer limit under Section 153(3) renders the remand ineffective and bars fresh assessment, and Section 132B requires applying seized assets to recognized liabilities and returning any surplus to the person from whose custody they were taken; because the reassessment was not completed within the prescribed period and no liability now subsists, the operative effect is that the seized jewellery must be released to the petitioner within six weeks. en-us Wed, 18 Feb 2026 00:00:00 +0530 Wed, 25 Feb 2026 07:26:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787048 Failure to complete reassessment within the statutory outer limit under Section 153(3) renders the remand ineffective and bars fresh assessment, and Section 132B requires applying seized assets to recognized liabilities and returning any surplus to the person from whose custody they were taken; because the reassessment was not completed within the prescribed period and no liability now subsists, the operative effect is that the seized jewellery must be released to the petitioner within six weeks. Case-Laws Income Tax Wed, 18 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787048