https://www.taxtmi.com/caselaws?id=7982 Section 34 reassessment notices under the Income-tax Act, 1922 remained subject to limitation, but section 4 of the Income-tax (Amendment) Act, 1959 was construed as a retrospective saving provision that validated notices and consequential reassessment proceedings otherwise hit by expiry of time. The court treated the legislative intent to preserve pending or threatened proceedings as decisive and rejected the argument that the saving clause applied only where escaped income exceeded one lakh rupees. On that construction, the notice dated 3 November 1958 was valid and the limitation objection failed. en-us Fri, 03 Apr 1970 00:00:00 +0530 Thu, 26 Mar 2009 13:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7982 Section 34 reassessment notices under the Income-tax Act, 1922 remained subject to limitation, but section 4 of the Income-tax (Amendment) Act, 1959 was construed as a retrospective saving provision that validated notices and consequential reassessment proceedings otherwise hit by expiry of time. The court treated the legislative intent to preserve pending or threatened proceedings as decisive and rejected the argument that the saving clause applied only where escaped income exceeded one lakh rupees. On that construction, the notice dated 3 November 1958 was valid and the limitation objection failed. Case-Laws Income Tax Fri, 03 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7982