In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed
Bench: Shri R. K. Panda & Ms Astha Chandra
reassessment proceedings even the income which has escaped assessment has to be computed in accordance with the provisions of the Act which will include section 11 as is in the present case. It will not be correct to say that while computing income under section 148 the entire gross receipts are to be taxed. Further, it is not the case