https://www.taxtmi.com/caselaws?id=71239 Reassessment notice issued jointly to three co-owners was held valid because the persons sought to be reassessed were identifiable, reasons had been recorded before issue, and no prejudice-causing defect was shown. Interest on enhanced compensation was not assessable as income of an association of persons, as inheritance and later co-ownership did not amount to a common profit-making venture or joint action to earn income; it was taxable in the individual hands of the co-owners in equal shares. Such interest under the Land Acquisition Act accrues from year to year from dispossession until payment, so it is not taxable only on receipt but must be spread over the relevant years on accrual basis. en-us Thu, 22 Dec 2005 00:00:00 +0530 Fri, 22 Apr 2011 11:02:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71239 Reassessment notice issued jointly to three co-owners was held valid because the persons sought to be reassessed were identifiable, reasons had been recorded before issue, and no prejudice-causing defect was shown. Interest on enhanced compensation was not assessable as income of an association of persons, as inheritance and later co-ownership did not amount to a common profit-making venture or joint action to earn income; it was taxable in the individual hands of the co-owners in equal shares. Such interest under the Land Acquisition Act accrues from year to year from dispossession until payment, so it is not taxable only on receipt but must be spread over the relevant years on accrual basis. Case-Laws Income Tax Thu, 22 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71239