https://www.taxtmi.com/caselaws?id=37350 Reassessment under section 147(b) was invalid where the only change was withdrawal of tax credit earlier allowed for tax deducted at source. The Court held that section 147(b) read with Explanation 1 applies only when income chargeable to tax has escaped assessment, including under-assessment, assessment at too low a rate, excessive relief, or excessive loss/depreciation. Here, the assessed income and tax rate remained unchanged, and excess tax credit did not amount to excessive relief in computing taxable income. As no case fell within Explanation 1(c), reopening was not attracted and the original assessment stood. en-us Tue, 30 Jan 1979 00:00:00 +0530 Mon, 29 Mar 2010 12:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37350 Reassessment under section 147(b) was invalid where the only change was withdrawal of tax credit earlier allowed for tax deducted at source. The Court held that section 147(b) read with Explanation 1 applies only when income chargeable to tax has escaped assessment, including under-assessment, assessment at too low a rate, excessive relief, or excessive loss/depreciation. Here, the assessed income and tax rate remained unchanged, and excess tax credit did not amount to excessive relief in computing taxable income. As no case fell within Explanation 1(c), reopening was not attracted and the original assessment stood. Case-Laws Income Tax Tue, 30 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37350