https://www.taxtmi.com/caselaws?id=292108 After the 1948 amendment, reassessment under section 34(1)(b) was available where the Income-tax Officer, on information then in possession, had reason to believe income had escaped assessment or been under-assessed. The provision was not confined to discovery of wholly new facts unknown at the original assessment. Because the officer had not accepted the assessee's partnership-income figures and had left the matter open pending reliable information, later completion of the partnership assessments supplied the basis for reopening. The notice under section 34(1)(b) was therefore held valid, and section 23 did not prevent completion of the original assessment on the available material. en-us Wed, 20 Sep 1961 00:00:00 +0530 Mon, 07 Dec 2020 12:44:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292108 After the 1948 amendment, reassessment under section 34(1)(b) was available where the Income-tax Officer, on information then in possession, had reason to believe income had escaped assessment or been under-assessed. The provision was not confined to discovery of wholly new facts unknown at the original assessment. Because the officer had not accepted the assessee's partnership-income figures and had left the matter open pending reliable information, later completion of the partnership assessments supplied the basis for reopening. The notice under section 34(1)(b) was therefore held valid, and section 23 did not prevent completion of the original assessment on the available material. Case-Laws Income Tax Wed, 20 Sep 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292108