https://www.taxtmi.com/caselaws?id=789260 The article explains that the extended limitation for issuing a reassessment notice depends on the material available to the Assessing Officer at the time of initiation, not on the income ultimately assessed. For Section 149(1)(b), the officer must possess books, documents, or evidence indicating escapement of income represented in the form of an asset of Rs. 50 lakhs or more. On the facts discussed, cash-withdrawal information and the absence of a return were treated as sufficient prima facie material to justify the notice, and the later assessment below that threshold did not invalidate it. The notice was therefore treated as within limitation and the reassessment challenge failed. en-us Thu, 26 Feb 2026 00:00:00 +0530 Fri, 03 Apr 2026 18:52:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789260 The article explains that the extended limitation for issuing a reassessment notice depends on the material available to the Assessing Officer at the time of initiation, not on the income ultimately assessed. For Section 149(1)(b), the officer must possess books, documents, or evidence indicating escapement of income represented in the form of an asset of Rs. 50 lakhs or more. On the facts discussed, cash-withdrawal information and the absence of a return were treated as sufficient prima facie material to justify the notice, and the later assessment below that threshold did not invalidate it. The notice was therefore treated as within limitation and the reassessment challenge failed. Case-Laws Income Tax Thu, 26 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789260