https://www.taxtmi.com/caselaws?id=8793 Reassessment under section 34(1) of the Indian Income-tax Act, 1922, turns on the statutory ground supporting jurisdiction, not merely on the date of the notice; a notice issued within four years does not by itself confine the case to clause (b). The notice need not state whether it is issued under clause (a) or clause (b), omission of the older form of words is not fatal, and service on all members of an association of persons is sufficient. A jointly purchased and developed land parcel, plotted with roads, lanes and culverts and sold quickly through auctioneers, may show an organized trading venture rather than capital realisation, making the surplus taxable as business income. en-us Mon, 23 Aug 1971 00:00:00 +0530 Thu, 04 Jun 2009 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8793 Reassessment under section 34(1) of the Indian Income-tax Act, 1922, turns on the statutory ground supporting jurisdiction, not merely on the date of the notice; a notice issued within four years does not by itself confine the case to clause (b). The notice need not state whether it is issued under clause (a) or clause (b), omission of the older form of words is not fatal, and service on all members of an association of persons is sufficient. A jointly purchased and developed land parcel, plotted with roads, lanes and culverts and sold quickly through auctioneers, may show an organized trading venture rather than capital realisation, making the surplus taxable as business income. Case-Laws Income Tax Mon, 23 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8793