https://www.taxtmi.com/caselaws?id=276720 Reassessment under section 34 of the Income-tax Act, 1922 required definite information revealing escaped income; a later appellate view on the same facts already considered by the Income-tax Officer was not fresh information. The original assessment had already addressed the factual question whether the cotton business profits belonged to the assessee, so the Tribunal's reversal only displaced an earlier mistaken conclusion and did not furnish new material. On that basis, initiation of proceedings under section 34 was invalid and the issue was answered against the Revenue and in favour of the assessee. en-us Wed, 06 Apr 1955 00:00:00 +0530 Fri, 16 Nov 2018 13:22:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276720 Reassessment under section 34 of the Income-tax Act, 1922 required definite information revealing escaped income; a later appellate view on the same facts already considered by the Income-tax Officer was not fresh information. The original assessment had already addressed the factual question whether the cotton business profits belonged to the assessee, so the Tribunal's reversal only displaced an earlier mistaken conclusion and did not furnish new material. On that basis, initiation of proceedings under section 34 was invalid and the issue was answered against the Revenue and in favour of the assessee. Case-Laws Income Tax Wed, 06 Apr 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276720