https://www.taxtmi.com/highlights?id=102671 Erroneous bank information concerning a term deposit could not support reassessment for assessment year 2015-16 when it was the sole basis for the notice and the normal three-year period had expired. Extended-period reassessment required satisfaction of the statutory conditions, which technical or system-generated erroneous data could not meet. The notice seeking an explanation, together with the consequential reassessment, assessment and penalty orders, was set aside. The writ petition succeeded, and costs were directed against the Bank for providing the incorrect information. en-us Thu, 13 Aug 2026 11:05:50 +0530 Thu, 13 Aug 2026 11:05:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=102671 Erroneous bank information concerning a term deposit could not support reassessment for assessment year 2015-16 when it was the sole basis for the notice and the normal three-year period had expired. Extended-period reassessment required satisfaction of the statutory conditions, which technical or system-generated erroneous data could not meet. The notice seeking an explanation, together with the consequential reassessment, assessment and penalty orders, was set aside. The writ petition succeeded, and costs were directed against the Bank for providing the incorrect information. Highlights Income Tax Thu, 13 Aug 2026 11:05:50 +0530 https://www.taxtmi.com/highlights?id=102671