https://www.taxtmi.com/caselaws?id=790968 A notice under section 148 can be issued within the extended limitation under section 149(1)(b) only where the income alleged to have escaped assessment meets the statutory threshold of Rs. 50 lakhs or more. Where the actual cash deposit attributable to the assessee was only Rs. 38,10,000, the case fell outside that category and the three-year limitation from the end of the relevant assessment year applied. Incorrect or unsupported factual assumptions recorded at the section 148A(b) and 148A(d) stage could not justify use of the extended period. The reassessment notice was therefore held to be time-barred and invalid. en-us Fri, 17 Apr 2026 00:00:00 +0530 Sat, 02 May 2026 11:53:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790968 A notice under section 148 can be issued within the extended limitation under section 149(1)(b) only where the income alleged to have escaped assessment meets the statutory threshold of Rs. 50 lakhs or more. Where the actual cash deposit attributable to the assessee was only Rs. 38,10,000, the case fell outside that category and the three-year limitation from the end of the relevant assessment year applied. Incorrect or unsupported factual assumptions recorded at the section 148A(b) and 148A(d) stage could not justify use of the extended period. The reassessment notice was therefore held to be time-barred and invalid. Case-Laws Income Tax Fri, 17 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790968