10-Year Extended Reassessment Invalid as Escaped Income Not Represented as Asset u/s 153A(1) Proviso: Delhi HC

Delhi HC quashed a 10-year reassessment under Section 153A(1) proviso, ruling it invalid when escaped income isn't represented as an asset. The judgment limits extended reassessment periods to cases involving concealed assets, preventing arbitrary invocation of longer limitation periods. The court emphasized strict interpretation of provisos that expand revenue's powers, protecting taxpayers from indefinite scrutiny. This decision provides clarity on applying different assessment timelines under income tax law.