Reassessment is to benefit the revenue. Claim for deduction cannot be made in reassessment proceedings. Notice for AY. 1985-86 on 3-7-1995, 1996-97 on 25-8-1998 and 1998-99, 1999-2000 and 2000-01 on 11-2-2003 is not barred by limitation. (AY.1985-86, 1996-97 to 2002-03)
CIT v. Punalur Paper Mills Ltd. (2019) 411 ITR 563/ 176 DTR 342/ 309 CTR 42 (Ker.)(HC)
S. 147 : Reassessment-Claim for deduction cannot be made in Reassessment—Limitation- Not barred by limitation.[S. 149]