https://www.taxtmi.com/caselaws?id=286948 Reassessment under section 34 is valid only where the tax authority has material on which it can reasonably find that income escaped assessment or was assessed too low. A completed assessment cannot be reopened on mere suspicion, comparison with later years, or a later officer's different estimate. Here, the reassessment relied on later-year trading results and assumptions about stock valuation, but there was no reliable material showing that the earlier year's income had in fact escaped assessment. The reassessment was therefore invalid and could not be sustained. en-us Sun, 08 Mar 1936 00:00:00 +0530 Sat, 21 Mar 2020 15:25:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286948 Reassessment under section 34 is valid only where the tax authority has material on which it can reasonably find that income escaped assessment or was assessed too low. A completed assessment cannot be reopened on mere suspicion, comparison with later years, or a later officer's different estimate. Here, the reassessment relied on later-year trading results and assumptions about stock valuation, but there was no reliable material showing that the earlier year's income had in fact escaped assessment. The reassessment was therefore invalid and could not be sustained. Case-Laws Income Tax Sun, 08 Mar 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286948