https://www.taxtmi.com/caselaws?id=219596 The court ruled in favor of the petitioner, quashing the notice issued under section 148 for the assessment years 1998-99 to 2000-01. The judgment emphasized adherence to statutory provisions and limitations on the assessing officer's power to reopen assessments based on incorrect reasons. The court clarified that accumulated income must be taxed in the specific year of breach as per statutory provisions, and there is no question of income escaping assessment in past years under section 11(3). en-us Fri, 14 Dec 2012 00:00:00 +0530 Wed, 19 Dec 2012 08:55:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219596 The court ruled in favor of the petitioner, quashing the notice issued under section 148 for the assessment years 1998-99 to 2000-01. The judgment emphasized adherence to statutory provisions and limitations on the assessing officer's power to reopen assessments based on incorrect reasons. The court clarified that accumulated income must be taxed in the specific year of breach as per statutory provisions, and there is no question of income escaping assessment in past years under section 11(3). Case-Laws Income Tax Fri, 14 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219596