https://www.taxtmi.com/caselaws?id=796503 Reassessment initiated on the incorrect premise that no return was filed is invalid where the return disclosed the property transaction and the Department had already examined it through AIR information. Explanation 2(a) to section 147 could not apply on those facts, and reassessment required fresh material rather than a renewed examination of the same transaction. Section 50C substitutes stamp-duty value for declared consideration but does not independently establish income escaping assessment. The section 148 notice was therefore void ab initio, and the reassessment failed. en-us Tue, 23 Jun 2026 00:00:00 +0530 Thu, 06 Aug 2026 09:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796503 Reassessment initiated on the incorrect premise that no return was filed is invalid where the return disclosed the property transaction and the Department had already examined it through AIR information. Explanation 2(a) to section 147 could not apply on those facts, and reassessment required fresh material rather than a renewed examination of the same transaction. Section 50C substitutes stamp-duty value for declared consideration but does not independently establish income escaping assessment. The section 148 notice was therefore void ab initio, and the reassessment failed. Case-Laws Income Tax Tue, 23 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796503