https://www.taxtmi.com/caselaws?id=290761 Income is chargeable by reference to the assessee's own previous year, and a share of firm profits that could be quantified only after that year ended could not be brought into that assessment. The Bombay HC held that the later ascertainment of the assessee's share did not justify treating it as escaped income under Section 34, because the return had to be based on the relevant previous year and not on income arising afterwards. The super tax provisions similarly operated only with reference to that previous year and did not extend to profits accruing after its close. The proposed addition therefore failed. en-us Wed, 16 Oct 1935 00:00:00 +0530 Thu, 15 Oct 2020 10:43:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290761 Income is chargeable by reference to the assessee's own previous year, and a share of firm profits that could be quantified only after that year ended could not be brought into that assessment. The Bombay HC held that the later ascertainment of the assessee's share did not justify treating it as escaped income under Section 34, because the return had to be based on the relevant previous year and not on income arising afterwards. The super tax provisions similarly operated only with reference to that previous year and did not extend to profits accruing after its close. The proposed addition therefore failed. Case-Laws Income Tax Wed, 16 Oct 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290761