https://www.taxtmi.com/caselaws?id=37064 The court concluded that Explanation 2 to Section 153(3) of the Income-tax Act, 1961, was not applicable to the reassessment proceedings. The Tribunal's decision was upheld, finding that the Appellate Assistant Commissioner had incorrectly applied the Explanation, resulting in the reassessment exceeding the prescribed period under Section 153(1). The court ruled in favor of the assessee, awarding costs accordingly. en-us Tue, 16 Jan 1979 00:00:00 +0530 Fri, 26 Mar 2010 12:00:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37064 The court concluded that Explanation 2 to Section 153(3) of the Income-tax Act, 1961, was not applicable to the reassessment proceedings. The Tribunal's decision was upheld, finding that the Appellate Assistant Commissioner had incorrectly applied the Explanation, resulting in the reassessment exceeding the prescribed period under Section 153(1). The court ruled in favor of the assessee, awarding costs accordingly. Case-Laws Income Tax Tue, 16 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37064