https://www.taxtmi.com/caselaws?id=24658 The court upheld the validity of reassessment under section 147 of the Income-tax Act, 1961, finding it lawful. Additionally, the court determined that the sum received by the assessee from the liquidator should be assessed as income for the relevant year of assessment 1962-63, rather than the previous year. The decision favored the Revenue, resulting in no costs being awarded to the assessee. en-us Thu, 19 Mar 1987 00:00:00 +0530 Thu, 21 Jan 2010 15:12:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24658 The court upheld the validity of reassessment under section 147 of the Income-tax Act, 1961, finding it lawful. Additionally, the court determined that the sum received by the assessee from the liquidator should be assessed as income for the relevant year of assessment 1962-63, rather than the previous year. The decision favored the Revenue, resulting in no costs being awarded to the assessee. Case-Laws Income Tax Thu, 19 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24658