https://www.taxtmi.com/caselaws?id=173359 Reassessment under section 34 of the Income-tax Act, 1922 was upheld because the Income-tax Officer had definite information of undisclosed business transactions not recorded in the books. The assessee admitted the transactions but failed to produce account books or any evidence showing that they had not generated taxable profit. On those materials, there was reason to believe that income had escaped assessment, so the reassessment proceedings were valid. The absence of books also justified best-judgment assessment under section 23(4), and the resulting assessments were sustained. en-us Wed, 24 Apr 1957 00:00:00 +0530 Mon, 14 Sep 2015 11:42:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173359 Reassessment under section 34 of the Income-tax Act, 1922 was upheld because the Income-tax Officer had definite information of undisclosed business transactions not recorded in the books. The assessee admitted the transactions but failed to produce account books or any evidence showing that they had not generated taxable profit. On those materials, there was reason to believe that income had escaped assessment, so the reassessment proceedings were valid. The absence of books also justified best-judgment assessment under section 23(4), and the resulting assessments were sustained. Case-Laws Income Tax Wed, 24 Apr 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173359