https://www.taxtmi.com/caselaws?id=173034 Section 34(1A) of the Indian Income-tax Act, 1922 enlarged reassessment powers for substantial war-period income escapements without displacing the existing reassessment jurisdiction under section 34(1)(a). Both provisions could apply concurrently where their respective statutory conditions were met, despite overlapping coverage. Unexplained fixed deposits recorded in a business concern's books may be treated as concealed business profits where evidence supports that finding and the concern has no other income source. Such deposits are attributable to the relevant accounting year and assessable as business income for that year. en-us Fri, 01 Apr 1966 00:00:00 +0530 Mon, 07 Sep 2015 16:58:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173034 Section 34(1A) of the Indian Income-tax Act, 1922 enlarged reassessment powers for substantial war-period income escapements without displacing the existing reassessment jurisdiction under section 34(1)(a). Both provisions could apply concurrently where their respective statutory conditions were met, despite overlapping coverage. Unexplained fixed deposits recorded in a business concern's books may be treated as concealed business profits where evidence supports that finding and the concern has no other income source. Such deposits are attributable to the relevant accounting year and assessable as business income for that year. Case-Laws Income Tax Fri, 01 Apr 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173034