Income-Tax Officer vs Rohtak And Hissar Distt. Electric ... on 25 July, 1984
Reassessment proceedings, in view of the above provision, will not be subject to limitation prescribed in Section 149 of the Act. If any authority for this proposition is needed, we may refer to the decision of the Hon'ble Calcutta High Court in the case of Hunger ford Investment Trust Ltd. v. ITO [1984] 146 ITR 73. In that case, action under Section 34 in respect of the assessment year 1949-50 taken on 29-10-1961 was held to be valid as the bar of limitation had been lifted on account of the finding of the AAC.