https://www.taxtmi.com/caselaws?id=24096 The court ruled in favor of the assessee, annulling the reassessment framed by the Income-tax Officer under section 147(a) of the Income-tax Act, 1961 for the assessment year 1971-72. The Tribunal held that section 147(b) should have been applied instead, as the royalty amount was treated as a liability until a court decision deemed it non-leviable. The decision emphasized the importance of proper inquiry by the officer before resorting to reassessment under section 147(a) and highlighted the necessity of compliance with disclosure requirements and statutory timelines. en-us Fri, 16 Dec 1988 00:00:00 +0530 Sat, 16 Jan 2010 16:16:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24096 The court ruled in favor of the assessee, annulling the reassessment framed by the Income-tax Officer under section 147(a) of the Income-tax Act, 1961 for the assessment year 1971-72. The Tribunal held that section 147(b) should have been applied instead, as the royalty amount was treated as a liability until a court decision deemed it non-leviable. The decision emphasized the importance of proper inquiry by the officer before resorting to reassessment under section 147(a) and highlighted the necessity of compliance with disclosure requirements and statutory timelines. Case-Laws Income Tax Fri, 16 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24096