https://www.taxtmi.com/caselaws?id=799051 Reassessment initiated in the name of a deceased assessee does not comply with the statutory mechanism requiring assessment through the legal representative and is invalid. Sale proceeds from land deposited in a bank account may remain an asset for the extended reassessment period because the inclusive definition covers immovable property and bank deposits, where alleged escaped income crosses the prescribed threshold. However, a co-owner's valuation report alone cannot support reassessment: the Assessing Officer must independently examine the assessee's property, undertake appropriate valuation inquiry, consider tangible material, and form a belief that income escaped assessment. Proceedings founded solely on an unverified co-owner valuation are impermissible. en-us Mon, 07 Sep 2026 00:00:00 +0530 Wed, 16 Sep 2026 08:38:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799051 Reassessment initiated in the name of a deceased assessee does not comply with the statutory mechanism requiring assessment through the legal representative and is invalid. Sale proceeds from land deposited in a bank account may remain an asset for the extended reassessment period because the inclusive definition covers immovable property and bank deposits, where alleged escaped income crosses the prescribed threshold. However, a co-owner's valuation report alone cannot support reassessment: the Assessing Officer must independently examine the assessee's property, undertake appropriate valuation inquiry, consider tangible material, and form a belief that income escaped assessment. Proceedings founded solely on an unverified co-owner valuation are impermissible. Case-Laws Income Tax Mon, 07 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799051