https://www.taxtmi.com/caselaws?id=471447 Section 149 permits reassessment beyond the ordinary three-year limitation only where material available to the Assessing Officer indicates income escaping assessment of at least fifty lakh rupees. Alleged unexplained bank deposits and credits aggregating below that threshold did not satisfy the extended limitation requirement, and inconsistent figures in the proceedings did not establish qualifying escapement. Reassessment proceedings initiated under section 148A after three years were therefore time-barred and void in law. en-us Mon, 07 Apr 2025 00:00:00 +0530 Wed, 02 Sep 2026 19:01:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471447 Section 149 permits reassessment beyond the ordinary three-year limitation only where material available to the Assessing Officer indicates income escaping assessment of at least fifty lakh rupees. Alleged unexplained bank deposits and credits aggregating below that threshold did not satisfy the extended limitation requirement, and inconsistent figures in the proceedings did not establish qualifying escapement. Reassessment proceedings initiated under section 148A after three years were therefore time-barred and void in law. Case-Laws Income Tax Mon, 07 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471447