https://www.taxtmi.com/caselaws?id=787913 An assessment order is complete only when validly signed and served within the statutory limitation; absence of digital/physical signature and service after the limitation period renders reassessment invalid, so the order is time barred and void. Reopening under section 147 must rest on fresh material or nondisclosure of primary facts; where audited accounts and notes already disclosed the insurance claim and loss, reopening amounts to an impermissible change of opinion and is unsustainable. An unreimbursed fire loss of stock, reflected in accounts as an exceptional business loss and not a capital asset realisation, is allowable as a revenue deduction. en-us Wed, 25 Jun 2025 00:00:00 +0530 Thu, 12 Mar 2026 16:57:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787913 An assessment order is complete only when validly signed and served within the statutory limitation; absence of digital/physical signature and service after the limitation period renders reassessment invalid, so the order is time barred and void. Reopening under section 147 must rest on fresh material or nondisclosure of primary facts; where audited accounts and notes already disclosed the insurance claim and loss, reopening amounts to an impermissible change of opinion and is unsustainable. An unreimbursed fire loss of stock, reflected in accounts as an exceptional business loss and not a capital asset realisation, is allowable as a revenue deduction. Case-Laws Income Tax Wed, 25 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787913