https://www.taxtmi.com/caselaws?id=60041 The Tribunal held that reassessment proceedings aim to tax all incomes that escaped assessment initially. It clarified that while reassessment allows for taxing all escaped incomes, matters finalized in the original assessment cannot be reopened by the assessee. The Tribunal disagreed with the Commissioner (Appeals) and allowed the departmental appeals, restoring the IAC's decision for each assessment year. The judgment emphasized that reassessment does not permit the assessee to claim deductions not raised initially, focusing on taxing escaped income. en-us Sat, 18 Aug 1984 00:00:00 +0530 Mon, 03 Jan 2011 14:43:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60041 The Tribunal held that reassessment proceedings aim to tax all incomes that escaped assessment initially. It clarified that while reassessment allows for taxing all escaped incomes, matters finalized in the original assessment cannot be reopened by the assessee. The Tribunal disagreed with the Commissioner (Appeals) and allowed the departmental appeals, restoring the IAC's decision for each assessment year. The judgment emphasized that reassessment does not permit the assessee to claim deductions not raised initially, focusing on taxing escaped income. Case-Laws Income Tax Sat, 18 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60041