https://www.taxtmi.com/caselaws?id=13395 Reassessment under the Kerala Agricultural Income-tax Act was upheld where the original assessment had been made on an incorrect accounting basis and the statute permitted correction of escaped income within the prescribed period. The court noted that a wrong citation of the enabling provision did not invalidate the reassessment if jurisdiction otherwise existed and no procedural defect was shown. On switchover from compounding to regular assessment, opening stock from crop sold in the previous year was taxable under the method of accounting regularly employed, because the compounding scheme did not create an implied exemption or require exclusion of that stock from the later regular assessment. en-us Mon, 28 Feb 2005 00:00:00 +0530 Thu, 28 May 2009 16:44:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13395 Reassessment under the Kerala Agricultural Income-tax Act was upheld where the original assessment had been made on an incorrect accounting basis and the statute permitted correction of escaped income within the prescribed period. The court noted that a wrong citation of the enabling provision did not invalidate the reassessment if jurisdiction otherwise existed and no procedural defect was shown. On switchover from compounding to regular assessment, opening stock from crop sold in the previous year was taxable under the method of accounting regularly employed, because the compounding scheme did not create an implied exemption or require exclusion of that stock from the later regular assessment. Case-Laws Income Tax Mon, 28 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13395