TaxTMI 
TaxTMI 
2000 (4) TMI 6
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....etitioner had filed the return of income for the assessment year 1993-94 on March 31, 1993. An assessment order under section 143(3) of the Income-tax Act, 1961, was issued. The claim towards expenses incurred on repairs/replacement was admitted in the said order. By the impugned notice, the petitioner was informed by the Joint Commissioner that he has reason to believe that the income chargeable ....
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....section 148. Section 149(1) states that no notice under section 148 shall be issued if four years have elapsed from the end of the relevant assessment year unless the case falls under sub-clause (ii) or sub-clause (iii). Sub-clause (ii) states that no notice shall be issued under section 147 if four years but not more than seven years have elapsed, unless the income chargeable to tax which has esc....
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....ome escaping the assessment as a result of failure to examine the account books produced by the assessee would be sufficient justification in making the reassessment. Explanation 2 to section 147 makes it clear that where assessment has been made but income chargeable to tax has been under-assessed or such income has been made the subject of excessive relief or excessive loss or depreciation allow....