K.M. SHARMA vs INCOME TAX OFFICER, WARD 13(7),NEW DELHI

The Supreme Court examined the application of Section 150 of the Income Tax Act, 1961, in the context of reassessment notices issued under Section 148 for various assessment years. The Court upheld the High Court's ruling that the limitation period under Section 149 does not apply due to the provisions of Section 150(1), allowing reassessment based on increased interest from land acquisition awards. The Court affirmed the validity of the reassessment proceedings initiated by the tax department, rejecting the appellant's claims regarding the time-bar on reassessment.