Year-specific reassessment information cannot justify reopening when the underlying land-sale transaction belongs to the succeeding assessment year.

Year-specific reassessment information cannot justify reopening when the underlying land-sale transaction belongs to the succeeding assessment year. https://www.taxtmi.com/highlights?id=105227 Information indicating income escaping assessment must relate to the same assessment year proposed for reopening. Reassessment for AY 2020-21 could not rest on agricultural-land sale information from FY 2020-21, which related to AY 2021-22 rather than FY 2019-20. Because the transaction had no bearing on income for AY 2020-21, it could not establish escapement for that year. The reassessment notices, initiating order and consequential proceedings were quashed. en-us Wed, 21 Oct 2026 08:37:56 +0530 Wed, 21 Oct 2026 08:37:58 +0530 TaxTMI RSS Generator Year-specific reassessment information cannot justify reopening when the underlying land-sale transaction belongs to the succeeding assessment year. https://www.taxtmi.com/highlights?id=105227 Information indicating income escaping assessment must relate to the same assessment year proposed for reopening. Reassessment for AY 2020-21 could not rest on agricultural-land sale information from FY 2020-21, which related to AY 2021-22 rather than FY 2019-20. Because the transaction had no bearing on income for AY 2020-21, it could not establish escapement for that year. The reassessment notices, initiating order and consequential proceedings were quashed. Highlights Income Tax Wed, 21 Oct 2026 08:37:56 +0530 https://www.taxtmi.com/highlights?id=105227