https://www.taxtmi.com/caselaws?id=276371 A section 34 notice referring to escaped income for a stated accounting period can support reassessment of undisclosed income assessable in the relevant assessment year, even where the income arose from a source outside the period specifically mentioned in the notice. The statutory scheme treated the previous year as the financial year ending 31 March 1946, unless the assessee had validly adopted a different accounting year for that source. Because no separate accounting year had been chosen or disclosed for the money-lending business, the revenue was entitled to apply the statutory previous year and include the escaped income in reassessment. The assessee's objection therefore failed, and the reassessment was upheld. 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 A section 34 notice referring to escaped income for a stated accounting period can support reassessment of undisclosed income assessable in the relevant assessment year, even where the income arose from a source outside the period specifically mentioned in the notice. The statutory scheme treated the previous year as the financial year ending 31 March 1946, unless the assessee had validly adopted a different accounting year for that source. Because no separate accounting year had been chosen or disclosed for the money-lending business, the revenue was entitled to apply the statutory previous year and include the escaped income in reassessment. The assessee's objection therefore failed, and the reassessment was upheld. Case-Laws Income Tax Tue, 06 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276371