https://www.taxtmi.com/caselaws?id=36300 Section 297(2)(d)(ii) of the Income-tax Act, 1961 was interpreted as preserving only the procedural machinery for reassessment of escaped income under the repealed 1922 Act, not substantive provisions that create or alter tax liability. Section 68, which deems unexplained cash credits to be income of the relevant previous year and thereby changes the taxable year and burden, was treated as a substantive provision and therefore did not apply to cash credits relating to assessment year 1960-61 in reassessment proceedings under section 147. en-us Thu, 22 Nov 1979 00:00:00 +0530 Sat, 20 Mar 2010 14:38:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36300 Section 297(2)(d)(ii) of the Income-tax Act, 1961 was interpreted as preserving only the procedural machinery for reassessment of escaped income under the repealed 1922 Act, not substantive provisions that create or alter tax liability. Section 68, which deems unexplained cash credits to be income of the relevant previous year and thereby changes the taxable year and burden, was treated as a substantive provision and therefore did not apply to cash credits relating to assessment year 1960-61 in reassessment proceedings under section 147. Case-Laws Income Tax Thu, 22 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36300