https://www.taxtmi.com/caselaws?id=470902 Reassessment beyond three years under Section 149(1)(b) requires material showing escaped income of the prescribed threshold represented in the form of an asset. Alleged bogus purchases are revenue items and do not satisfy that condition unless they result in an identifiable asset recorded in the assessee's balance sheet. As no material or allegation established that the purchases created such an asset, the reassessment notice and consequential reassessment were invalid, and the bogus-purchase addition was deleted. en-us Fri, 06 Mar 2026 00:00:00 +0530 Wed, 12 Aug 2026 21:28:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470902 Reassessment beyond three years under Section 149(1)(b) requires material showing escaped income of the prescribed threshold represented in the form of an asset. Alleged bogus purchases are revenue items and do not satisfy that condition unless they result in an identifiable asset recorded in the assessee's balance sheet. As no material or allegation established that the purchases created such an asset, the reassessment notice and consequential reassessment were invalid, and the bogus-purchase addition was deleted. Case-Laws Income Tax Fri, 06 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470902