https://www.taxtmi.com/caselaws?id=799528 Section 149(1)(b) permits a reassessment notice issued beyond three years only where escaped income is represented in the form of an asset and meets the prescribed monetary threshold. Treating entire contractual receipts as escaped income does not satisfy that condition when the income embedded in those receipts, as estimated for reassessment, falls below the threshold. In those circumstances, the jurisdictional conditions for issuing a Section 148 notice remain unmet, rendering the notice and consequential reassessment proceedings invalid. en-us Fri, 11 Sep 2026 00:00:00 +0530 Wed, 23 Sep 2026 08:48:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799528 Section 149(1)(b) permits a reassessment notice issued beyond three years only where escaped income is represented in the form of an asset and meets the prescribed monetary threshold. Treating entire contractual receipts as escaped income does not satisfy that condition when the income embedded in those receipts, as estimated for reassessment, falls below the threshold. In those circumstances, the jurisdictional conditions for issuing a Section 148 notice remain unmet, rendering the notice and consequential reassessment proceedings invalid. Case-Laws Income Tax Fri, 11 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799528