Km Sharma vs Income Tax Officer, Ward 13(7)New Delhi

The Supreme Court addressed the interpretation of Section 150 of the Income Tax Act, 1961, in relation to reassessment notices issued under Section 148. The Court held that the provisions of Section 150(1) allow for reassessment despite the limitation period prescribed under Section 149, as the notices were based on awards from land acquisition proceedings. The Court upheld the High Court's decision validating the reassessment proceedings initiated by the tax department, rejecting the appellant's argument regarding the applicability of Section 150(2).