https://www.taxtmi.com/caselaws?id=787299 Reassessment was upheld where the assessing officer possessed material forming a reason to believe that income had escaped assessment, rendering issuance of notice and reassessment proceedings valid. Conversely, a notional stamp duty accounting entry credited in the relevant year did not represent real accrued income and, because the identical economic proceeds were subsequently realised and assessed in later years, taxing the notional entry would produce double taxation; accordingly the addition based on the notional valuation was deleted and the deduction-related grounds were allowed in favour of the assessee. en-us Tue, 20 Jan 2026 00:00:00 +0530 Mon, 02 Mar 2026 08:34:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787299 Reassessment was upheld where the assessing officer possessed material forming a reason to believe that income had escaped assessment, rendering issuance of notice and reassessment proceedings valid. Conversely, a notional stamp duty accounting entry credited in the relevant year did not represent real accrued income and, because the identical economic proceeds were subsequently realised and assessed in later years, taxing the notional entry would produce double taxation; accordingly the addition based on the notional valuation was deleted and the deduction-related grounds were allowed in favour of the assessee. Case-Laws Income Tax Tue, 20 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787299