https://www.taxtmi.com/caselaws?id=173034 Section 34(1A) did not impliedly exclude reassessment under section 34(1)(a) of the Indian Income-tax Act, 1922 where the statutory conditions for the earlier provision were otherwise satisfied; the overlapping provisions could coexist for the same assessee. The article also states that unexplained fixed deposits, when found to represent concealed business profits and not shown to stem from any other source, may be treated as business income attributable to the relevant accounting year. On that reasoning, the reopening was valid and the deposits were assessable in the assessment year 1946-47. 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) did not impliedly exclude reassessment under section 34(1)(a) of the Indian Income-tax Act, 1922 where the statutory conditions for the earlier provision were otherwise satisfied; the overlapping provisions could coexist for the same assessee. The article also states that unexplained fixed deposits, when found to represent concealed business profits and not shown to stem from any other source, may be treated as business income attributable to the relevant accounting year. On that reasoning, the reopening was valid and the deposits were assessable in the assessment year 1946-47. Case-Laws Income Tax Fri, 01 Apr 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173034