https://www.taxtmi.com/caselaws?id=798427 Valuation references under Section 142A cannot be invoked immediately before assessment limitation expires merely to obtain excluded time under Explanation 1(v) to Section 153. Where asset material and explanations are already available, alleged bogus depreciation may be addressed in the assessment itself. A last-minute valuation enquiry into alleged unaccounted cash, without satisfactory explanation for earlier inaction, constitutes a colourable and impermissible use of power to extend limitation and is invalid. en-us Thu, 03 Sep 2026 00:00:00 +0530 Mon, 07 Sep 2026 08:48:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798427 Valuation references under Section 142A cannot be invoked immediately before assessment limitation expires merely to obtain excluded time under Explanation 1(v) to Section 153. Where asset material and explanations are already available, alleged bogus depreciation may be addressed in the assessment itself. A last-minute valuation enquiry into alleged unaccounted cash, without satisfactory explanation for earlier inaction, constitutes a colourable and impermissible use of power to extend limitation and is invalid. Case-Laws Income Tax Thu, 03 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798427