https://www.taxtmi.com/caselaws?id=470856 Valid reassessment may cover all income that escaped assessment once reopening is validly initiated, rather than only the item recorded as the basis for reopening. Capital gains from employee stock option plan shares may therefore fall within reassessment even if not identified in the recorded reasons. For the relevant period, the acquisition cost of ESOP shares is the actual grant price paid where the difference between fair market value and grant price was not taxed as a perquisite on exercise. Fair market value may be used only when it was included in taxable perquisite value under the applicable statutory regime; later legislative treatment does not apply retrospectively. en-us Wed, 30 Jun 2010 00:00:00 +0530 Tue, 11 Aug 2026 17:23:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470856 Valid reassessment may cover all income that escaped assessment once reopening is validly initiated, rather than only the item recorded as the basis for reopening. Capital gains from employee stock option plan shares may therefore fall within reassessment even if not identified in the recorded reasons. For the relevant period, the acquisition cost of ESOP shares is the actual grant price paid where the difference between fair market value and grant price was not taxed as a perquisite on exercise. Fair market value may be used only when it was included in taxable perquisite value under the applicable statutory regime; later legislative treatment does not apply retrospectively. Case-Laws Income Tax Wed, 30 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470856