No Escapement of Income if Subsequent Assessments Taxes Same Amount

Peoples Education Society Thane Vs ACIT (Bombay High Court) Introduction: The Bombay High Court recently delivered a significant judgment in the case of Peoples Education Society Thane vs ACIT. This article delves into the legal proceedings, focusing on the background, construction agreement, income declaration, and the subsequent income tax assessment. The court’s decision addressed the issue of escapement of income, providing clarity on the matter. Detailed Analysis: 1. Background and Construction Agreement: Peoples Education Society, a charitable trust, engaged in educational ...