https://www.taxtmi.com/caselaws?id=27067 Section 155(4) of the Income-tax Act, 1961 could not be used to rectify assessments for years completed under the Indian Income-tax Act, 1922, because proceedings preserved under section 297(2)(a) had to continue under the repealed Act and within its limitation framework. The earlier rectification power under section 35 of the 1922 Act was also unavailable, as the attempted rectifications were made after the four-year period had expired and no other part of that provision covered consequential recomputation of carried forward loss. In the absence of express statutory authority, the 1961 Act could not retrospectively revive a remedy that had already lapsed under the earlier law. en-us Mon, 29 Apr 1985 00:00:00 +0530 Wed, 10 Feb 2010 15:32:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27067 Section 155(4) of the Income-tax Act, 1961 could not be used to rectify assessments for years completed under the Indian Income-tax Act, 1922, because proceedings preserved under section 297(2)(a) had to continue under the repealed Act and within its limitation framework. The earlier rectification power under section 35 of the 1922 Act was also unavailable, as the attempted rectifications were made after the four-year period had expired and no other part of that provision covered consequential recomputation of carried forward loss. In the absence of express statutory authority, the 1961 Act could not retrospectively revive a remedy that had already lapsed under the earlier law. Case-Laws Income Tax Mon, 29 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27067