https://www.taxtmi.com/caselaws?id=207275 The High Court of Kerala upheld the reassessment completed under Section 147 of the Income-tax Act for the assessment year 1995-96. The Court found that income chargeable to tax under Section 45(2) had indeed escaped assessment due to the Assessing Officer's failure to consider the assessee's liability during the original assessment. The reassessment was deemed justified under Section 147, emphasizing the importance of reasonable belief of income escapement by the Assessing Officer. The Court allowed the appeal, reversing previous orders and granting the assessee the option to seek a waiver of interest under relevant provisions of the Act. en-us Tue, 05 Jul 2011 00:00:00 +0530 Tue, 06 Dec 2011 22:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207275 The High Court of Kerala upheld the reassessment completed under Section 147 of the Income-tax Act for the assessment year 1995-96. The Court found that income chargeable to tax under Section 45(2) had indeed escaped assessment due to the Assessing Officer's failure to consider the assessee's liability during the original assessment. The reassessment was deemed justified under Section 147, emphasizing the importance of reasonable belief of income escapement by the Assessing Officer. The Court allowed the appeal, reversing previous orders and granting the assessee the option to seek a waiver of interest under relevant provisions of the Act. Case-Laws Income Tax Tue, 05 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207275