https://www.taxtmi.com/caselaws?id=49691 Section 34 of the Indian Income-tax Act, 1922 was held applicable where the Income-tax Officer obtained definite information that chargeable income had escaped assessment after retrospective legislation and judicial clarification removed an earlier legal defect. The Court held that income remained chargeable under the Act even though actual levy was postponed until the Finance Act became operative, and that a failed prior assessment caused by a legal lacuna not attributable to the assessee could justify treatment of the income as escaped assessment. On that basis, the reassessment notice was valid and the challenge failed. en-us Mon, 18 Apr 1955 00:00:00 +0530 Tue, 09 Sep 2014 08:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49691 Section 34 of the Indian Income-tax Act, 1922 was held applicable where the Income-tax Officer obtained definite information that chargeable income had escaped assessment after retrospective legislation and judicial clarification removed an earlier legal defect. The Court held that income remained chargeable under the Act even though actual levy was postponed until the Finance Act became operative, and that a failed prior assessment caused by a legal lacuna not attributable to the assessee could justify treatment of the income as escaped assessment. On that basis, the reassessment notice was valid and the challenge failed. Case-Laws Income Tax Mon, 18 Apr 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49691