https://www.taxtmi.com/caselaws?id=17242 Section 35 of the Kerala Agricultural Income-tax Act, 1950 allows reassessment of escaped income "for any reason", and that wide language permits reopening on the basis of material already on record if its significance is later appreciated and it reveals escapement. A mere omission by the assessing authority to draw the correct inference from existing records does not, by itself, bar reassessment. On that principle, the appellate tribunal was wrong to treat the revised assessment as invalid, and the reassessment was held valid in favour of the Revenue. en-us Mon, 23 Jun 1997 00:00:00 +0530 Mon, 21 Sep 2009 10:46:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17242 Section 35 of the Kerala Agricultural Income-tax Act, 1950 allows reassessment of escaped income "for any reason", and that wide language permits reopening on the basis of material already on record if its significance is later appreciated and it reveals escapement. A mere omission by the assessing authority to draw the correct inference from existing records does not, by itself, bar reassessment. On that principle, the appellate tribunal was wrong to treat the revised assessment as invalid, and the reassessment was held valid in favour of the Revenue. Case-Laws Income Tax Mon, 23 Jun 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17242