https://www.taxtmi.com/caselaws?id=7245 Reassessment under the Travancore Income-tax Act remained governed by section 47 despite the coming into force of section 13 of the Finance Act, 1950, because the saving provision preserved the existing law for levy, assessment and collection for the relevant periods. Section 47(1) allowed notice and reassessment within eight years in concealment cases, and section 47(2) supplied the outer limitation framework by reference to such cases. The saved provisions were treated as including the reassessment machinery applicable to concealment matters, and the reasoning used in the saved-penalty context was applied equally to reassessment. The reassessments were therefore within time and the assessee failed. en-us Sun, 13 Aug 1967 00:00:00 +0530 Mon, 16 Feb 2009 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7245 Reassessment under the Travancore Income-tax Act remained governed by section 47 despite the coming into force of section 13 of the Finance Act, 1950, because the saving provision preserved the existing law for levy, assessment and collection for the relevant periods. Section 47(1) allowed notice and reassessment within eight years in concealment cases, and section 47(2) supplied the outer limitation framework by reference to such cases. The saved provisions were treated as including the reassessment machinery applicable to concealment matters, and the reasoning used in the saved-penalty context was applied equally to reassessment. The reassessments were therefore within time and the assessee failed. Case-Laws Income Tax Sun, 13 Aug 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7245