https://www.taxtmi.com/caselaws?id=38715 An inadmissible deduction that reduces assessable income constitutes under-assessment and therefore escapement of income for reassessment purposes. On that basis, excess deduction of excise duty in assessment year 1961-62 fell within the reassessment provision, and the notice under section 148 was not time-barred. The saving and deeming machinery in section 153(3), Explanation 2, together with the repeal-and-savings clause in section 297(2)(d), applied mutatis mutandis to the reassessment proceedings, even though the relevant earlier appellate order had arisen under the repealed Act. The Court therefore upheld the reassessment and rejected the limitation objection. en-us Thu, 23 Sep 1976 00:00:00 +0530 Thu, 08 Apr 2010 15:16:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38715 An inadmissible deduction that reduces assessable income constitutes under-assessment and therefore escapement of income for reassessment purposes. On that basis, excess deduction of excise duty in assessment year 1961-62 fell within the reassessment provision, and the notice under section 148 was not time-barred. The saving and deeming machinery in section 153(3), Explanation 2, together with the repeal-and-savings clause in section 297(2)(d), applied mutatis mutandis to the reassessment proceedings, even though the relevant earlier appellate order had arisen under the repealed Act. The Court therefore upheld the reassessment and rejected the limitation objection. Case-Laws Income Tax Thu, 23 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38715