https://www.taxtmi.com/caselaws?id=8088 An objection to reassessment under section 34(1) of the Income-tax Act, 1922 was not treated as waived because mere participation in assessment proceedings did not amount to clear abandonment. The reopening was justified where income had escaped assessment due to non-disclosure of the cost of materials supplied by the military authorities. In a best judgment assessment of contract receipts, profit could be estimated on the contract as a whole, so the value of stores supplied by the department had to be included before applying the flat rate, and the same rate was properly applied uniformly to that entire receipt base. en-us Wed, 11 Nov 1970 00:00:00 +0530 Sat, 28 Mar 2009 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8088 An objection to reassessment under section 34(1) of the Income-tax Act, 1922 was not treated as waived because mere participation in assessment proceedings did not amount to clear abandonment. The reopening was justified where income had escaped assessment due to non-disclosure of the cost of materials supplied by the military authorities. In a best judgment assessment of contract receipts, profit could be estimated on the contract as a whole, so the value of stores supplied by the department had to be included before applying the flat rate, and the same rate was properly applied uniformly to that entire receipt base. Case-Laws Income Tax Wed, 11 Nov 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8088