https://www.taxtmi.com/caselaws?id=56599 Reassessment under section 147(a) was treated as valid where interest income had not been disclosed in the original returns, and the proceedings were regarded as saved by section 150 read with Explanation 2 to section 153; section 144B was also held not to vitiate the reassessments. The interest on compensation was characterised as revenue income, not capital accretion, and was treated as accruing from year to year on the basis of retrospective legislation and the earlier appellate finding. On that footing, the income was assessable in the proper years of accrual rather than wholly in one year, and the Revenue's position was accepted. en-us Wed, 25 Jul 1984 00:00:00 +0530 Sat, 04 Dec 2010 17:38:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56599 Reassessment under section 147(a) was treated as valid where interest income had not been disclosed in the original returns, and the proceedings were regarded as saved by section 150 read with Explanation 2 to section 153; section 144B was also held not to vitiate the reassessments. The interest on compensation was characterised as revenue income, not capital accretion, and was treated as accruing from year to year on the basis of retrospective legislation and the earlier appellate finding. On that footing, the income was assessable in the proper years of accrual rather than wholly in one year, and the Revenue's position was accepted. Case-Laws Income Tax Wed, 25 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56599