https://www.taxtmi.com/caselaws?id=276297 Under the Assam Agricultural Income-tax Act, 1939, agricultural income not assessed within the relevant financial year becomes escaped income where no return is filed and no effective assessment step is taken. Assessment or reassessment must then proceed under the escaped-assessment mechanism, including timely service of notice equivalent to an individual notice; best judgment assessment cannot bypass that requirement after the year ends. The proviso to the best judgment provision cannot cure the resulting lack of jurisdiction. Transfer of a tea estate does not by itself constitute discontinuance of business requiring the transferors to notify discontinuance. After transfer, liability for income arising thereafter rests with the successor. en-us Thu, 04 Apr 1963 00:00:00 +0530 Mon, 05 Nov 2018 13:23:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276297 Under the Assam Agricultural Income-tax Act, 1939, agricultural income not assessed within the relevant financial year becomes escaped income where no return is filed and no effective assessment step is taken. Assessment or reassessment must then proceed under the escaped-assessment mechanism, including timely service of notice equivalent to an individual notice; best judgment assessment cannot bypass that requirement after the year ends. The proviso to the best judgment provision cannot cure the resulting lack of jurisdiction. Transfer of a tea estate does not by itself constitute discontinuance of business requiring the transferors to notify discontinuance. After transfer, liability for income arising thereafter rests with the successor. Case-Laws Income Tax Thu, 04 Apr 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276297