https://www.taxtmi.com/caselaws?id=39472 Undisclosed income relating to a period before 31 March 1961 remained assessable in the immediately following assessment year on the ordinary financial-year basis where no accounts existed and no option under the 1922 Act was shown. Section 297(2)(b) of the Income-tax Act, 1961 was confined to procedural machinery for returns filed after commencement of the new Act and did not enlarge or alter substantive tax liability. The Karnataka HC therefore treated the provision as inapplicable to justify assessment in assessment year 1962-63, and the inclusion of the disputed sums in that year was unsustainable. en-us Fri, 22 Feb 1974 00:00:00 +0530 Fri, 16 Apr 2010 16:16:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39472 Undisclosed income relating to a period before 31 March 1961 remained assessable in the immediately following assessment year on the ordinary financial-year basis where no accounts existed and no option under the 1922 Act was shown. Section 297(2)(b) of the Income-tax Act, 1961 was confined to procedural machinery for returns filed after commencement of the new Act and did not enlarge or alter substantive tax liability. The Karnataka HC therefore treated the provision as inapplicable to justify assessment in assessment year 1962-63, and the inclusion of the disputed sums in that year was unsustainable. Case-Laws Income Tax Fri, 22 Feb 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39472