1989 (5) TMI 42 - HC - Income Tax

Summary

The High Court of Punjab and Haryana clarified that the limitation for reassessment under section 148 of the Income-tax Act, 1961 is to be seen from the date of notice issuance, not the date of service on the assessee. The judgment overturned a previous decision and ruled in favor of the Revenue, stating that proceedings are not barred by time if notice is issued within the limitation period, even if served later. The reference was answered in the negative, against the assessee.