https://www.taxtmi.com/caselaws?id=168548 Section 34 of the Income-tax Act, 1922 confines reassessment to income that has actually escaped assessment. It does not allow an assessee to reopen the entire original assessment or claim credit against a different head merely because one item was over-assessed. Where an item was in fact under-assessed, that under-assessed amount is properly treated as escaped income and may be brought to tax. A separate over-assessment under another head does not justify set-off or adjustment unless the escaped item was truly assessed under the wrong head. The reassessment was therefore valid only to the extent of the escaped income, and no credit was available for the alleged over-assessment. en-us Tue, 31 Dec 1935 00:00:00 +0530 Wed, 11 Mar 2015 16:57:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168548 Section 34 of the Income-tax Act, 1922 confines reassessment to income that has actually escaped assessment. It does not allow an assessee to reopen the entire original assessment or claim credit against a different head merely because one item was over-assessed. Where an item was in fact under-assessed, that under-assessed amount is properly treated as escaped income and may be brought to tax. A separate over-assessment under another head does not justify set-off or adjustment unless the escaped item was truly assessed under the wrong head. The reassessment was therefore valid only to the extent of the escaped income, and no credit was available for the alleged over-assessment. Case-Laws Income Tax Tue, 31 Dec 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168548