https://www.taxtmi.com/caselaws?id=793170 Reassessment beyond the ordinary limitation period requires the Revenue to show a live, year-specific nexus between the material in its possession and escaped income represented by an asset, expenditure, or a books entry; seized cash-book extracts alone, without proper application of mind, were held insufficient to sustain jurisdiction. On the profit issue, the Tribunal examined seized records, statements, retractions, and corroborative material, and rejected a blanket inference that all entries required adding two zeroes. However, it accepted that specific receipts supported by independent material could justify such adjustment for those items, while sustaining a 16% profit estimation on the unaccounted business where the assessee failed to establish a lower workable rate. en-us Fri, 05 Jun 2026 00:00:00 +0530 Tue, 09 Jun 2026 14:25:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793170 Reassessment beyond the ordinary limitation period requires the Revenue to show a live, year-specific nexus between the material in its possession and escaped income represented by an asset, expenditure, or a books entry; seized cash-book extracts alone, without proper application of mind, were held insufficient to sustain jurisdiction. On the profit issue, the Tribunal examined seized records, statements, retractions, and corroborative material, and rejected a blanket inference that all entries required adding two zeroes. However, it accepted that specific receipts supported by independent material could justify such adjustment for those items, while sustaining a 16% profit estimation on the unaccounted business where the assessee failed to establish a lower workable rate. Case-Laws Income Tax Fri, 05 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793170