https://www.taxtmi.com/caselaws?id=173384 Reassessment under section 34 was held valid where the assessing officer, on the basis of information in his possession (absence of Colombo books, unexplained credit entries), had a reasonable belief that income escaped assessment; the possibility that the original premise later proved mistaken did not vitiate jurisdiction, so reassessment was sustained. On estimation, unexplained credit balances, failure to produce vouchers and marked gross profit disparities supported the factual finding that certain entries were fictitious and purchases inflated; the Rs. 10,000 addition was held non-arbitrary and adequately supported by material, against the assessee. en-us Thu, 15 Feb 1962 00:00:00 +0530 Mon, 14 Sep 2015 17:08:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173384 Reassessment under section 34 was held valid where the assessing officer, on the basis of information in his possession (absence of Colombo books, unexplained credit entries), had a reasonable belief that income escaped assessment; the possibility that the original premise later proved mistaken did not vitiate jurisdiction, so reassessment was sustained. On estimation, unexplained credit balances, failure to produce vouchers and marked gross profit disparities supported the factual finding that certain entries were fictitious and purchases inflated; the Rs. 10,000 addition was held non-arbitrary and adequately supported by material, against the assessee. Case-Laws Income Tax Thu, 15 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173384