https://www.taxtmi.com/caselaws?id=276860 Section 26 was construed broadly to permit reopening where a taxable item had been omitted or wrongly excluded in the original assessment, even without fresh facts or a change in law; the reassessment was therefore upheld. Receipts from a zarpeshgi lease were treated on their substance as income from the usufruct of agricultural property, not as repayment of capital, because the assessee enjoyed possession, collected rents and profits, and had no fixed capital sum to be redeemed through the receipts. They were accordingly characterised as agricultural income and not a capital receipt. en-us Tue, 19 Feb 1952 00:00:00 +0530 Mon, 19 Nov 2018 16:33:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276860 Section 26 was construed broadly to permit reopening where a taxable item had been omitted or wrongly excluded in the original assessment, even without fresh facts or a change in law; the reassessment was therefore upheld. Receipts from a zarpeshgi lease were treated on their substance as income from the usufruct of agricultural property, not as repayment of capital, because the assessee enjoyed possession, collected rents and profits, and had no fixed capital sum to be redeemed through the receipts. They were accordingly characterised as agricultural income and not a capital receipt. Case-Laws Income Tax Tue, 19 Feb 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276860