https://www.taxtmi.com/caselaws?id=276371 For assessment of a specific source, the relevant previous year is ordinarily the financial year ending 31 March unless the assessee validly elects a different accounting year for that source; absent such an election for the money lending business, the previous year was the year ending 31 March 1946. Section 34 permits reassessment where definite information shows escapement of income and reassessment may cover income falling within the statutory previous year. Sections governing returns and production of accounts for the relevant previous year therefore support inclusion of undisclosed income in reassessment for AY 1946 47. en-us Tue, 06 Feb 1962 00:00:00 +0530 Thu, 08 Nov 2018 14:10:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276371 For assessment of a specific source, the relevant previous year is ordinarily the financial year ending 31 March unless the assessee validly elects a different accounting year for that source; absent such an election for the money lending business, the previous year was the year ending 31 March 1946. Section 34 permits reassessment where definite information shows escapement of income and reassessment may cover income falling within the statutory previous year. Sections governing returns and production of accounts for the relevant previous year therefore support inclusion of undisclosed income in reassessment for AY 1946 47. Case-Laws Income Tax Tue, 06 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276371