https://www.taxtmi.com/caselaws?id=788198 Reassessment under section 148/147 is addressed on the basis that the test for reopening depends on the real income chargeable to tax, not the gross value of transactions; where the reassessed taxable income, after accounting for documented deductions, remains below the monetary threshold specified in the statute, jurisdiction to reopen is absent and the reassessment cannot stand. The decision quashes the reopening and the consequent assessment on that jurisdictional ground, without adjudicating subsidiary challenges. en-us Mon, 16 Mar 2026 00:00:00 +0530 Wed, 18 Mar 2026 08:20:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788198 Reassessment under section 148/147 is addressed on the basis that the test for reopening depends on the real income chargeable to tax, not the gross value of transactions; where the reassessed taxable income, after accounting for documented deductions, remains below the monetary threshold specified in the statute, jurisdiction to reopen is absent and the reassessment cannot stand. The decision quashes the reopening and the consequent assessment on that jurisdictional ground, without adjudicating subsidiary challenges. Case-Laws Income Tax Mon, 16 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788198