https://www.taxtmi.com/caselaws?id=796956 Reassessment initiated beyond three years cannot rest on erroneous bank information that fails to establish the statutory threshold for escaped income under the post-Finance Act 2021 regime. Where the sole basis for notice under Section 148A(b) incorrectly reported term deposits because of a bank technical or system error, and the actual alleged escaped income was below the prescribed threshold, the extended reopening period was unavailable. Materially false information could not support an effective show-cause notice or confer reassessment jurisdiction beyond the normal limitation period. The reassessment notice, consequential proceedings, assessment and penalty orders were invalid and set aside in favour of the assessee. en-us Mon, 10 Aug 2026 00:00:00 +0530 Thu, 13 Aug 2026 08:30:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796956 Reassessment initiated beyond three years cannot rest on erroneous bank information that fails to establish the statutory threshold for escaped income under the post-Finance Act 2021 regime. Where the sole basis for notice under Section 148A(b) incorrectly reported term deposits because of a bank technical or system error, and the actual alleged escaped income was below the prescribed threshold, the extended reopening period was unavailable. Materially false information could not support an effective show-cause notice or confer reassessment jurisdiction beyond the normal limitation period. The reassessment notice, consequential proceedings, assessment and penalty orders were invalid and set aside in favour of the assessee. Case-Laws Income Tax Mon, 10 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796956