https://www.taxtmi.com/caselaws?id=17150 For reopening an assessment under section 35 of the Tamil Nadu Agricultural Income-tax Act, the five-year limitation runs from the end of the financial year, not from the end of the previous year in which the income was earned or received. The Act distinguishes the previous year from the financial year, and the charging scheme taxes income of the previous year in the assessment year. Because section 35 refers to escaped assessment in a financial year, the notice issued within five years from the end of the assessment year was within time. The Tribunal's contrary view on limitation was incorrect, and the reassessment proceedings were held valid. en-us Thu, 28 Aug 1997 00:00:00 +0530 Tue, 15 Sep 2009 14:08:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17150 For reopening an assessment under section 35 of the Tamil Nadu Agricultural Income-tax Act, the five-year limitation runs from the end of the financial year, not from the end of the previous year in which the income was earned or received. The Act distinguishes the previous year from the financial year, and the charging scheme taxes income of the previous year in the assessment year. Because section 35 refers to escaped assessment in a financial year, the notice issued within five years from the end of the assessment year was within time. The Tribunal's contrary view on limitation was incorrect, and the reassessment proceedings were held valid. Case-Laws Income Tax Thu, 28 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17150