https://www.taxtmi.com/caselaws?id=49684 Section 15 of the Excess Profits Tax Act, 1940 was treated as a machinery provision permitting reassessment on definite information where excessive relief had been allowed. The Supreme Court held that "discovers" has wide scope and is not limited to facts existing within the chargeable accounting period. Relief earlier granted under section 26(3) on the assumption that the relevant buildings, plant and machinery would not be needed after hostilities could be reopened when later use of those assets in business showed that the basis of the relief had failed. The objection based on change of opinion or unchanged past facts was rejected, and reassessment was held valid. en-us Thu, 28 Oct 1954 00:00:00 +0530 Tue, 09 Sep 2014 09:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49684 Section 15 of the Excess Profits Tax Act, 1940 was treated as a machinery provision permitting reassessment on definite information where excessive relief had been allowed. The Supreme Court held that "discovers" has wide scope and is not limited to facts existing within the chargeable accounting period. Relief earlier granted under section 26(3) on the assumption that the relevant buildings, plant and machinery would not be needed after hostilities could be reopened when later use of those assets in business showed that the basis of the relief had failed. The objection based on change of opinion or unchanged past facts was rejected, and reassessment was held valid. Case-Laws Income Tax Thu, 28 Oct 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49684