https://www.taxtmi.com/caselaws?id=49547 Reassessment was valid where definite information showed that excess profits tax had escaped assessment because the original assessment wrongly assumed the chargeable accounting period matched the company's accounting period, causing under-assessment. The managing agency commission was also required to be apportioned under the statutory rule because the contract's performance extended beyond the relevant accounting periods and the profit had to be attributed to the periods to which it was properly referable. An earlier case on accrual of income was distinguished as dealing with a different statutory setting. The assessments were sustained and the assessee's challenges failed on both issues. en-us Wed, 14 Dec 1960 00:00:00 +0530 Sun, 31 Aug 2014 18:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49547 Reassessment was valid where definite information showed that excess profits tax had escaped assessment because the original assessment wrongly assumed the chargeable accounting period matched the company's accounting period, causing under-assessment. The managing agency commission was also required to be apportioned under the statutory rule because the contract's performance extended beyond the relevant accounting periods and the profit had to be attributed to the periods to which it was properly referable. An earlier case on accrual of income was distinguished as dealing with a different statutory setting. The assessments were sustained and the assessee's challenges failed on both issues. Case-Laws Income Tax Wed, 14 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49547