https://www.taxtmi.com/caselaws?id=12450 The court interpreted the Income-tax Act, 1961, focusing on sections 147(a) and 147(b). It clarified that the amended provision from April 1, 1989, replaced these sections. Assessments initiated after this date must follow the new section 147 guidelines. The court upheld assessments completed under section 143(3) with section 147(a) and dismissed challenges based on misquoting sections. It established a ten-year limitation for reassessment under section 147 for evaded tax exceeding Rs.50,000 per year. The Assessing Officer's authority to issue assessment orders under section 147 was affirmed, leading to the dismissal of the petitioner's claims. en-us Thu, 11 Apr 2002 00:00:00 +0530 Thu, 25 Feb 2010 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12450 The court interpreted the Income-tax Act, 1961, focusing on sections 147(a) and 147(b). It clarified that the amended provision from April 1, 1989, replaced these sections. Assessments initiated after this date must follow the new section 147 guidelines. The court upheld assessments completed under section 143(3) with section 147(a) and dismissed challenges based on misquoting sections. It established a ten-year limitation for reassessment under section 147 for evaded tax exceeding Rs.50,000 per year. The Assessing Officer's authority to issue assessment orders under section 147 was affirmed, leading to the dismissal of the petitioner's claims. Case-Laws Income Tax Thu, 11 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12450