https://www.taxtmi.com/caselaws?id=797701 Reassessment initiated more than three years after the relevant assessment year requires approval from the higher specified authority under section 151(ii). Approval from the authority under section 151(i) after the limited TOLA extension period is not a curable defect under section 292B; the resulting section 148A(d) order, section 148 notice and reassessment lack jurisdiction. Audit-default penalty requires proof that the assessee carried on a business and that legally relevant sales, turnover or gross receipts exceeded the prescribed threshold. Purchases and unverified transaction aggregates do not establish turnover. Consistent investment and capital-gains treatment may also constitute reasonable cause, preventing penalty under section 271B. en-us Wed, 19 Aug 2026 00:00:00 +0530 Wed, 26 Aug 2026 08:27:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797701 Reassessment initiated more than three years after the relevant assessment year requires approval from the higher specified authority under section 151(ii). Approval from the authority under section 151(i) after the limited TOLA extension period is not a curable defect under section 292B; the resulting section 148A(d) order, section 148 notice and reassessment lack jurisdiction. Audit-default penalty requires proof that the assessee carried on a business and that legally relevant sales, turnover or gross receipts exceeded the prescribed threshold. Purchases and unverified transaction aggregates do not establish turnover. Consistent investment and capital-gains treatment may also constitute reasonable cause, preventing penalty under section 271B. Case-Laws Income Tax Wed, 19 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797701