https://www.taxtmi.com/caselaws?id=470135 Reassessment is invalid when initiated beyond statutory limitation, without qualifying information of escaped income, or after its sole underlying addition is finally deleted. For reassessment beyond three years, an alleged book-profit adjustment for foreseeable loss that is not represented by an asset does not meet the required escapement condition. Expected construction-contract losses recognised consistently under the percentage completion method and Accounting Standard-7 reflect real business income, are deductible, and are not provisions for unascertained liabilities in book-profit computation. An ad hoc contingency-expense disallowance is unsustainable where actual project costs are recorded in the books and no evidence establishes bogus expenditure or cash generation. en-us Mon, 17 Mar 2025 00:00:00 +0530 Thu, 16 Jul 2026 19:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470135 Reassessment is invalid when initiated beyond statutory limitation, without qualifying information of escaped income, or after its sole underlying addition is finally deleted. For reassessment beyond three years, an alleged book-profit adjustment for foreseeable loss that is not represented by an asset does not meet the required escapement condition. Expected construction-contract losses recognised consistently under the percentage completion method and Accounting Standard-7 reflect real business income, are deductible, and are not provisions for unascertained liabilities in book-profit computation. An ad hoc contingency-expense disallowance is unsustainable where actual project costs are recorded in the books and no evidence establishes bogus expenditure or cash generation. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470135