https://www.taxtmi.com/caselaws?id=792758 Reopening beyond three years from the end of the assessment year is valid only if the case strictly satisfies section 149(1)(b), requiring material showing escaped income in the form of an asset, expenditure linked to a transaction or event, or an entry in the books, together with the statutory monetary threshold. On the stated facts, the reassessment rested on estimated business income from alleged unaccounted transactions, which did not fall within those categories. The notice under section 148 and the reassessment proceedings were therefore treated as invalid and liable to be quashed. en-us Tue, 19 May 2026 00:00:00 +0530 Wed, 03 Jun 2026 08:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792758 Reopening beyond three years from the end of the assessment year is valid only if the case strictly satisfies section 149(1)(b), requiring material showing escaped income in the form of an asset, expenditure linked to a transaction or event, or an entry in the books, together with the statutory monetary threshold. On the stated facts, the reassessment rested on estimated business income from alleged unaccounted transactions, which did not fall within those categories. The notice under section 148 and the reassessment proceedings were therefore treated as invalid and liable to be quashed. Case-Laws Income Tax Tue, 19 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792758