https://www.taxtmi.com/caselaws?id=292740 Statutory powers of review and reassessment under the Income-tax Act, 1922 were treated as time-bound, so they could not be exercised indefinitely after the relevant limitation period expired. The commentary further notes that, even where income had not been assessed within time, the revenue was not barred from proceeding if the amount had been wrongly assessed in another person's hands and therefore remained income that had escaped assessment in relation to the real recipient. Sections 33 and 34 were described as unavailable after the statutory period in respect of the accounting year discussed, but the escaped-assessment concept still operated within the limits of the Act. en-us Thu, 03 Feb 1927 00:00:00 +0530 Fri, 12 Feb 2021 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292740 Statutory powers of review and reassessment under the Income-tax Act, 1922 were treated as time-bound, so they could not be exercised indefinitely after the relevant limitation period expired. The commentary further notes that, even where income had not been assessed within time, the revenue was not barred from proceeding if the amount had been wrongly assessed in another person's hands and therefore remained income that had escaped assessment in relation to the real recipient. Sections 33 and 34 were described as unavailable after the statutory period in respect of the accounting year discussed, but the escaped-assessment concept still operated within the limits of the Act. Case-Laws Income Tax Thu, 03 Feb 1927 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292740