https://www.taxtmi.com/caselaws?id=63336 The Tribunal upheld the validity of the notice issued under section 148, emphasizing the mandatory nature of a valid notice for reassessment. It determined that the reassessment notice was not time-barred under section 150(2) and should be governed by the law applicable at the time of the original assessment year. The Tribunal clarified that enhanced compensation should be assessed under the law prevailing in the relevant assessment year and remanded the issue for further examination by the Assessing Officer. The Department's appeal was partly allowed in this case. en-us Fri, 14 Mar 2008 00:00:00 +0530 Sat, 21 Jul 2012 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63336 The Tribunal upheld the validity of the notice issued under section 148, emphasizing the mandatory nature of a valid notice for reassessment. It determined that the reassessment notice was not time-barred under section 150(2) and should be governed by the law applicable at the time of the original assessment year. The Tribunal clarified that enhanced compensation should be assessed under the law prevailing in the relevant assessment year and remanded the issue for further examination by the Assessing Officer. The Department's appeal was partly allowed in this case. Case-Laws Income Tax Fri, 14 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63336