https://www.taxtmi.com/caselaws?id=7386 A reassessment power that had already become barred under the Income-tax Act, 1922 was not revived by the Income-tax Act, 1961. The escaped income was below one lakh of rupees, so the limitation under the proviso to Section 34 of the 1922 Act expired on 31 March 1957. Although the Section 148 notice under the 1961 Act was issued within Section 149's outer limit, Section 297 was held to be only a repeal-and-savings provision and not a source of revival. The notice was therefore quashed as time-barred. en-us Fri, 23 Aug 1968 00:00:00 +0530 Thu, 19 Feb 2009 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7386 A reassessment power that had already become barred under the Income-tax Act, 1922 was not revived by the Income-tax Act, 1961. The escaped income was below one lakh of rupees, so the limitation under the proviso to Section 34 of the 1922 Act expired on 31 March 1957. Although the Section 148 notice under the 1961 Act was issued within Section 149's outer limit, Section 297 was held to be only a repeal-and-savings provision and not a source of revival. The notice was therefore quashed as time-barred. Case-Laws Income Tax Fri, 23 Aug 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7386