https://www.taxtmi.com/caselaws?id=49725 Section 34 reassessment proceedings under the Indian Income-tax Act, 1922 are described as addressing income alleged to have escaped assessment, rather than requiring computation or recording of an asserted business loss. Loss set-off and carry-forward under Section 24 depend on the availability of income, profits or gains under another head against which the loss may be adjusted. Where no such separate income head exists and the loss arises from the same business operations, a request to determine and record the loss is characterised as unsustainable. The discussion also describes reassessment as limited to escaped income rather than reopening the entire original assessment. en-us Mon, 22 Dec 1952 00:00:00 +0530 Fri, 12 Sep 2014 08:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49725 Section 34 reassessment proceedings under the Indian Income-tax Act, 1922 are described as addressing income alleged to have escaped assessment, rather than requiring computation or recording of an asserted business loss. Loss set-off and carry-forward under Section 24 depend on the availability of income, profits or gains under another head against which the loss may be adjusted. Where no such separate income head exists and the loss arises from the same business operations, a request to determine and record the loss is characterised as unsustainable. The discussion also describes reassessment as limited to escaped income rather than reopening the entire original assessment. Case-Laws Income Tax Mon, 22 Dec 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49725