https://www.taxtmi.com/caselaws?id=202579 Reassessment notices based on disclosure of enhanced compensation and interest were upheld where the Assessing Officer had material to form a reason to believe that income had escaped assessment. The notice for assessment year 1998-99 was held to be within limitation and supported by valid sanction, while section 151 was treated as a continuing sanction requirement even where section 150 displaced the ordinary time bar. For assessment years 1989-90 to 1994-95, the notices were quashed because the record did not show the requisite satisfaction or valid sanction, though fresh notices could be issued in accordance with law. en-us Wed, 15 Sep 2010 00:00:00 +0530 Thu, 15 Mar 2012 18:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202579 Reassessment notices based on disclosure of enhanced compensation and interest were upheld where the Assessing Officer had material to form a reason to believe that income had escaped assessment. The notice for assessment year 1998-99 was held to be within limitation and supported by valid sanction, while section 151 was treated as a continuing sanction requirement even where section 150 displaced the ordinary time bar. For assessment years 1989-90 to 1994-95, the notices were quashed because the record did not show the requisite satisfaction or valid sanction, though fresh notices could be issued in accordance with law. Case-Laws Income Tax Wed, 15 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202579