Reopening completed assessment under section 34 fails where the officer merely disagrees with an earlier income estimate.

A completed and final income-tax assessment cannot be reopened under section 34 of the Income-tax Act, 1922 merely because a later Income-tax Officer disagrees with the earlier estimate of quantity or profit. Section 34 applies to income that has truly escaped assessment, not to a fresh revision of a concluded assessment. The reassessment was therefore invalid and could not be sustained, and the penalty based on that reassessment also failed.

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Issues: Whether the reassessment made by the Income-tax Officer was in accordance with section 34 of the Income-tax Act, 1922.

Analysis: The assessment for the earlier year had already been completed and had become final, including confirmation on appeal. The later officer did not act to bring to tax income that had truly escaped assessment for the relevant year, but instead attempted to reopen and revise the completed assessment merely because he disagreed with his predecessor's estimate of quantity and profit. Section 34 did not confer jurisdiction to revisit a concluded assessment on that basis.

Conclusion: The reassessment was not valid under section 34 and could not be sustained; the penalty founded on that reassessment also failed.

Ratio Decidendi: A completed and final assessment cannot be reopened under section 34 merely because a subsequent officer disagrees with the earlier estimate of taxable income.

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