https://www.taxtmi.com/caselaws?id=203965 ITAT, CHENNAI-AT held that reassessments for assessment years 1999-2000 to 2001-02 (and 1998-99 reopened after four years) were valid because an AO may form a fresh reason to believe income escaped for each year and prior years' views do not bind subsequent assessments; the assessee's cross objections were dismissed. On merits, the tribunal ruled timeshare membership fees are not fully taxable as revenue in the year of receipt due to contractual obligations to provide future services, so income must be recognized over the contract term; appeals dismissed. en-us Wed, 26 May 2010 00:00:00 +0530 Fri, 29 Aug 2025 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203965 ITAT, CHENNAI-AT held that reassessments for assessment years 1999-2000 to 2001-02 (and 1998-99 reopened after four years) were valid because an AO may form a fresh reason to believe income escaped for each year and prior years' views do not bind subsequent assessments; the assessee's cross objections were dismissed. On merits, the tribunal ruled timeshare membership fees are not fully taxable as revenue in the year of receipt due to contractual obligations to provide future services, so income must be recognized over the contract term; appeals dismissed. Case-Laws Income Tax Wed, 26 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203965