https://www.taxtmi.com/caselaws?id=20517 Revisional power under section 34 is distinct from escaped-assessment and rectification powers, and it is not excluded merely because those periods have expired; however, when invoked later, it must be exercised bona fide within a reasonable time and on recorded, sufficient cause. The Coffee Board receipt was treated as assessable in the assessee's hands because it represented sale proceeds of its own coffee, subject to adjustment to avoid double taxation. The value of stock-in-trade handed over under a lease was not agricultural income, as it was neither sold, consumed nor used by the assessee. en-us Thu, 04 Feb 1993 00:00:00 +0530 Sat, 14 Nov 2009 13:49:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20517 Revisional power under section 34 is distinct from escaped-assessment and rectification powers, and it is not excluded merely because those periods have expired; however, when invoked later, it must be exercised bona fide within a reasonable time and on recorded, sufficient cause. The Coffee Board receipt was treated as assessable in the assessee's hands because it represented sale proceeds of its own coffee, subject to adjustment to avoid double taxation. The value of stock-in-trade handed over under a lease was not agricultural income, as it was neither sold, consumed nor used by the assessee. Case-Laws Income Tax Thu, 04 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20517