https://www.taxtmi.com/caselaws?id=472952 Reassessment for AY 2015-16 required notice within the limitation applicable under the earlier regime; the first proviso to section 149 barred a notice issued after that period had expired. For the extended reassessment period under section 149(1)(b), escaped income in a capital-gains transaction must be the taxable capital gain, if any, rather than the gross sale consideration received on transfer. Reliance on gross sale consideration without determining taxable capital gain does not meet the jurisdictional condition that income represented in the form of an asset has escaped assessment. Timely notice and legally determined escaped income are independent requirements for reassessment jurisdiction. en-us Tue, 12 May 2026 00:00:00 +0530 Thu, 29 Oct 2026 13:56:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472952 Reassessment for AY 2015-16 required notice within the limitation applicable under the earlier regime; the first proviso to section 149 barred a notice issued after that period had expired. For the extended reassessment period under section 149(1)(b), escaped income in a capital-gains transaction must be the taxable capital gain, if any, rather than the gross sale consideration received on transfer. Reliance on gross sale consideration without determining taxable capital gain does not meet the jurisdictional condition that income represented in the form of an asset has escaped assessment. Timely notice and legally determined escaped income are independent requirements for reassessment jurisdiction. Case-Laws Income Tax Tue, 12 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472952