https://www.taxtmi.com/caselaws?id=798298 Unaccounted purchases that generate corresponding sales give rise only to the profit embedded in those transactions, rather than their gross value. For reassessment notices issued beyond three years, the Section 149 threshold must be tested against that real escaped income; where embedded profit is below Rs. 50 lakh, extended reassessment is unavailable. Search material relating to an assessee must be assessed through the Section 148 reassessment route rather than directly under Section 143(3). Before 1 April 2023, a 30-day period for filing a return under Section 148 was permissible. A cross-examination objection requires a specific request during assessment proceedings. en-us Tue, 01 Sep 2026 00:00:00 +0530 Fri, 04 Sep 2026 08:24:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798298 Unaccounted purchases that generate corresponding sales give rise only to the profit embedded in those transactions, rather than their gross value. For reassessment notices issued beyond three years, the Section 149 threshold must be tested against that real escaped income; where embedded profit is below Rs. 50 lakh, extended reassessment is unavailable. Search material relating to an assessee must be assessed through the Section 148 reassessment route rather than directly under Section 143(3). Before 1 April 2023, a 30-day period for filing a return under Section 148 was permissible. A cross-examination objection requires a specific request during assessment proceedings. Case-Laws Income Tax Tue, 01 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798298