https://www.taxtmi.com/caselaws?id=199456 Section 34 of the Income-tax Act, 1922 applies only where income, profits or gains chargeable to tax had escaped assessment in a year. For life assurance companies, the statutory machinery required income to be determined by the average annual net profits shown by the last preceding actuarial valuation. Where no such valuation existed for the relevant year, there was no lawful basis for assessment, and the ordinary method could not be substituted. The distinction between chargeability and assessability was therefore critical: income is assessable only when the applicable statutory machinery exists. On that reasoning, an assessment under Section 34 for 1927-28 was held not to be legally sustainable. en-us Mon, 09 Feb 1931 00:00:00 +0530 Wed, 28 Feb 2018 18:50:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199456 Section 34 of the Income-tax Act, 1922 applies only where income, profits or gains chargeable to tax had escaped assessment in a year. For life assurance companies, the statutory machinery required income to be determined by the average annual net profits shown by the last preceding actuarial valuation. Where no such valuation existed for the relevant year, there was no lawful basis for assessment, and the ordinary method could not be substituted. The distinction between chargeability and assessability was therefore critical: income is assessable only when the applicable statutory machinery exists. On that reasoning, an assessment under Section 34 for 1927-28 was held not to be legally sustainable. Case-Laws Income Tax Mon, 09 Feb 1931 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199456