https://www.taxtmi.com/caselaws?id=49392 The Supreme Court found the notice issued under section 34(1)(a) of the Indian Income-tax Act, 1922 to be valid, clarifying that the sanction of the Central Board of Revenue was not required in this case. The Court disagreed with the High Court's interpretation of the second proviso to section 34(3) regarding limitation, holding that it applied to the entire section, including cases where the escaped assessment was less than one lakh of rupees and more than eight years had elapsed. The appeal was allowed, the High Court's order was set aside, and the case was remanded for further consideration. en-us Wed, 29 Jan 1964 00:00:00 +0530 Mon, 25 Aug 2014 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49392 The Supreme Court found the notice issued under section 34(1)(a) of the Indian Income-tax Act, 1922 to be valid, clarifying that the sanction of the Central Board of Revenue was not required in this case. The Court disagreed with the High Court's interpretation of the second proviso to section 34(3) regarding limitation, holding that it applied to the entire section, including cases where the escaped assessment was less than one lakh of rupees and more than eight years had elapsed. The appeal was allowed, the High Court's order was set aside, and the case was remanded for further consideration. Case-Laws Income Tax Wed, 29 Jan 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49392