https://www.taxtmi.com/caselaws?id=61335 The appeals by the Revenue, concerning assessments under s. 147 of the IT Act for specific years, were dismissed. The AAC's decision was upheld, stating that assessments under s. 147 were not regular assessments as defined in s. 2(40) during the relevant years. The Explanation 2 below s. 139(8) was held to be prospective from April 1, 1985, and not applicable retrospectively. Rectification under s. 154 was deemed justified due to mistakes of law apparent from the record. en-us Wed, 20 Nov 1985 00:00:00 +0530 Wed, 12 Jan 2011 12:29:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61335 The appeals by the Revenue, concerning assessments under s. 147 of the IT Act for specific years, were dismissed. The AAC's decision was upheld, stating that assessments under s. 147 were not regular assessments as defined in s. 2(40) during the relevant years. The Explanation 2 below s. 139(8) was held to be prospective from April 1, 1985, and not applicable retrospectively. Rectification under s. 154 was deemed justified due to mistakes of law apparent from the record. Case-Laws Income Tax Wed, 20 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61335