https://www.taxtmi.com/caselaws?id=179931 Rule 35 could be used to assess a non-resident mutual life insurance company where the return did not disclose all taxable income and no more reliable data was available. The undisclosed interest earned outside British India on moneys from participating policies was treated as income arising through a business connection in British India, bringing it within the statutory assessment framework. The Court also held that the earlier decision did not prevent assessment of income later found taxable on the broader application of the Act. The reference was answered for the Revenue, and the assessment was held legal and binding. en-us Mon, 27 Feb 1933 00:00:00 +0530 Sat, 12 Mar 2016 11:50:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179931 Rule 35 could be used to assess a non-resident mutual life insurance company where the return did not disclose all taxable income and no more reliable data was available. The undisclosed interest earned outside British India on moneys from participating policies was treated as income arising through a business connection in British India, bringing it within the statutory assessment framework. The Court also held that the earlier decision did not prevent assessment of income later found taxable on the broader application of the Act. The reference was answered for the Revenue, and the assessment was held legal and binding. Case-Laws Income Tax Mon, 27 Feb 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179931