https://www.taxtmi.com/caselaws?id=180324 A notice under section 34 was upheld where the assessment records showed a substantial increase in the assessee's capital accounts and the Income-tax Officer treated that as definite information suggesting under-assessment. Jurisdiction did not depend on the ultimate correctness of the assessee's explanation or on the final outcome of reassessment; it was sufficient that the officer honestly and in good faith believed income had escaped assessment. The absence of the original order recording issue of notice did not invalidate the proceedings because the surrounding assessment and appellate materials disclosed the basis for the belief. The notice was therefore held valid. en-us Thu, 08 Apr 1954 00:00:00 +0530 Mon, 21 Mar 2016 15:24:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180324 A notice under section 34 was upheld where the assessment records showed a substantial increase in the assessee's capital accounts and the Income-tax Officer treated that as definite information suggesting under-assessment. Jurisdiction did not depend on the ultimate correctness of the assessee's explanation or on the final outcome of reassessment; it was sufficient that the officer honestly and in good faith believed income had escaped assessment. The absence of the original order recording issue of notice did not invalidate the proceedings because the surrounding assessment and appellate materials disclosed the basis for the belief. The notice was therefore held valid. Case-Laws Income Tax Thu, 08 Apr 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180324