https://www.taxtmi.com/caselaws?id=7235 Reassessment under section 34(1)(b) was held to extend to other escaped items of income discovered on the basis of information in the officer's possession, not merely the item that initially triggered reopening. The phrase "such income" was construed to cover escaped income generally, so the reassessment proceedings could validly include additional items. On the share-loss issue, the Tribunal's finding that the shares were acquired and dealt with as capital investment, rather than trading stock, was supported by the evidence and was not perverse. The loss on sale was therefore treated as a loss on realisation of investment, not a trading loss. en-us Thu, 01 Jun 1967 00:00:00 +0530 Mon, 16 Feb 2009 09:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7235 Reassessment under section 34(1)(b) was held to extend to other escaped items of income discovered on the basis of information in the officer's possession, not merely the item that initially triggered reopening. The phrase "such income" was construed to cover escaped income generally, so the reassessment proceedings could validly include additional items. On the share-loss issue, the Tribunal's finding that the shares were acquired and dealt with as capital investment, rather than trading stock, was supported by the evidence and was not perverse. The loss on sale was therefore treated as a loss on realisation of investment, not a trading loss. Case-Laws Income Tax Thu, 01 Jun 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7235