https://www.taxtmi.com/caselaws?id=27007 The Court held that undisclosed sums should be added to the income for the assessment year 1954-55, not 1953-54, under section 68 of the Income-tax Act, 1961. It interpreted section 297(2)(d)(ii) to apply the Act of 1961 for reassessment under the Act of 1922, emphasizing section 68's substantive implications. Relying on precedents, the Court concluded that the undisclosed income should be taxed in the financial year corresponding to the assessment year 1953-54 based on the accounting period, contrary to the Tribunal's decision. Further examination of the case on merits was directed. en-us Fri, 07 Dec 1984 00:00:00 +0530 Wed, 10 Feb 2010 11:15:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27007 The Court held that undisclosed sums should be added to the income for the assessment year 1954-55, not 1953-54, under section 68 of the Income-tax Act, 1961. It interpreted section 297(2)(d)(ii) to apply the Act of 1961 for reassessment under the Act of 1922, emphasizing section 68's substantive implications. Relying on precedents, the Court concluded that the undisclosed income should be taxed in the financial year corresponding to the assessment year 1953-54 based on the accounting period, contrary to the Tribunal's decision. Further examination of the case on merits was directed. Case-Laws Income Tax Fri, 07 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27007