https://www.taxtmi.com/caselaws?id=6243 Reassessment under the Income-tax Act, 1922 requires the officer to have reason to believe that income escaped assessment because the assessee failed to disclose fully and truly all material facts; on the stated facts, the secret receipt was not disclosed and the reassessment was upheld as valid. Taxability of an unallocated receipt depends on the surrounding circumstances rather than any fixed presumption, and a secretly received amount omitted from the books to avoid tax was treated as income of the year of account, with the Chetty system being irrelevant because the receipt was never entered. en-us Thu, 21 Jan 1971 00:00:00 +0530 Wed, 03 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6243 Reassessment under the Income-tax Act, 1922 requires the officer to have reason to believe that income escaped assessment because the assessee failed to disclose fully and truly all material facts; on the stated facts, the secret receipt was not disclosed and the reassessment was upheld as valid. Taxability of an unallocated receipt depends on the surrounding circumstances rather than any fixed presumption, and a secretly received amount omitted from the books to avoid tax was treated as income of the year of account, with the Chetty system being irrelevant because the receipt was never entered. Case-Laws Income Tax Thu, 21 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6243