https://www.taxtmi.com/caselaws?id=286947 Income from sales of gold and silver could not be reopened under Section 34 unless the Commissioner proved that income had in fact escaped assessment or had been assessed at too low a rate. A later officer's different estimate was insufficient where the original assessing officer had the relevant facts and made an estimate on that basis. On the facts stated, there was no proof of additional untaxed income, so reassessment was not justified. One judge, however, construed Section 34 more broadly and considered it capable of covering underassessment caused by an improper allowance, wrong deduction, or low rate if the statutory conditions were met. en-us Mon, 01 Apr 1935 00:00:00 +0530 Sat, 21 Mar 2020 15:20:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286947 Income from sales of gold and silver could not be reopened under Section 34 unless the Commissioner proved that income had in fact escaped assessment or had been assessed at too low a rate. A later officer's different estimate was insufficient where the original assessing officer had the relevant facts and made an estimate on that basis. On the facts stated, there was no proof of additional untaxed income, so reassessment was not justified. One judge, however, construed Section 34 more broadly and considered it capable of covering underassessment caused by an improper allowance, wrong deduction, or low rate if the statutory conditions were met. Case-Laws Income Tax Mon, 01 Apr 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286947