https://www.taxtmi.com/caselaws?id=76406 The High Court upheld the validity of the income escaping assessment under section 147 of the Income Tax Act, 1961 for the year 1989-90. The Court ruled that the retrospective amendment levying income tax on capital gains from land acquisition justified the reopening of the assessment. It was held that the Assessing Officer was bound to follow the law as of the date of initiating section 147 proceedings, leading to the restoration of the assessment completed under section 147 and overturning the decisions of the Commissioner (Appeals) and the Tribunal. en-us Thu, 19 Feb 2009 00:00:00 +0530 Wed, 23 Jun 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76406 The High Court upheld the validity of the income escaping assessment under section 147 of the Income Tax Act, 1961 for the year 1989-90. The Court ruled that the retrospective amendment levying income tax on capital gains from land acquisition justified the reopening of the assessment. It was held that the Assessing Officer was bound to follow the law as of the date of initiating section 147 proceedings, leading to the restoration of the assessment completed under section 147 and overturning the decisions of the Commissioner (Appeals) and the Tribunal. Case-Laws Income Tax Thu, 19 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76406