https://www.taxtmi.com/caselaws?id=13814 The Court ruled in favor of the assessee, emphasizing that the Commissioner's revision under section 25(2) of the Wealth-tax Act should focus on items related to escaped assessment, not those already assessed. It clarified that reassessment proceedings are intended for escaped wealth or income and cannot be used to revisit matters already assessed unless linked to escaped income. The Court highlighted the importance of adhering to the limitation period for revision, noting that the Revenue missed opportunities to challenge the original assessment within the prescribed timeframe. Consequently, the assessee was awarded costs amounting to Rs.3,000. en-us Mon, 13 Nov 2000 00:00:00 +0530 Fri, 03 Jul 2009 10:43:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13814 The Court ruled in favor of the assessee, emphasizing that the Commissioner's revision under section 25(2) of the Wealth-tax Act should focus on items related to escaped assessment, not those already assessed. It clarified that reassessment proceedings are intended for escaped wealth or income and cannot be used to revisit matters already assessed unless linked to escaped income. The Court highlighted the importance of adhering to the limitation period for revision, noting that the Revenue missed opportunities to challenge the original assessment within the prescribed timeframe. Consequently, the assessee was awarded costs amounting to Rs.3,000. Case-Laws Wealth-tax Mon, 13 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13814