https://www.taxtmi.com/caselaws?id=152234 Section 34 of the Income-tax Act, 1922 could not be invoked to recover excess statutory interest paid to the assessee under section 18A(5) after a retrospective amendment. The Court held that reassessment is confined to cases of escaped income, under-assessment, assessment at too low a rate, or excessive relief in computing income, and the disputed interest did not fall within any of those categories. The original payment was valid under the law then in force, and the later amendment did not convert it into income under-assessment or excessive relief. The reassessment notice was therefore invalid and the assessee succeeded. en-us Thu, 15 Nov 1962 00:00:00 +0530 Tue, 06 Aug 2013 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152234 Section 34 of the Income-tax Act, 1922 could not be invoked to recover excess statutory interest paid to the assessee under section 18A(5) after a retrospective amendment. The Court held that reassessment is confined to cases of escaped income, under-assessment, assessment at too low a rate, or excessive relief in computing income, and the disputed interest did not fall within any of those categories. The original payment was valid under the law then in force, and the later amendment did not convert it into income under-assessment or excessive relief. The reassessment notice was therefore invalid and the assessee succeeded. Case-Laws Income Tax Thu, 15 Nov 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152234