https://www.taxtmi.com/caselaws?id=166242 An obvious computational mistake shown in the assessment record itself can constitute information for reopening under section 34, and the existence of rectification powers does not bar reassessment where the statutory conditions are otherwise satisfied. The reopening was therefore upheld. In life insurance valuation, the carry-forward loss had to be confined to the annual loss computed for the relevant year under the applicable special rule, not the full cumulative actuarial deficiency for the quinquennial period. The assessee was accordingly entitled only to the yearly loss amount, and the larger aggregate deficiency could not be carried forward. Both issues were decided against the assessee. en-us Wed, 14 Dec 1960 00:00:00 +0530 Wed, 03 Sep 2014 16:30:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166242 An obvious computational mistake shown in the assessment record itself can constitute information for reopening under section 34, and the existence of rectification powers does not bar reassessment where the statutory conditions are otherwise satisfied. The reopening was therefore upheld. In life insurance valuation, the carry-forward loss had to be confined to the annual loss computed for the relevant year under the applicable special rule, not the full cumulative actuarial deficiency for the quinquennial period. The assessee was accordingly entitled only to the yearly loss amount, and the larger aggregate deficiency could not be carried forward. Both issues were decided against the assessee. Case-Laws Income Tax Wed, 14 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166242