1964 (7) TMI 1

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....ccounting period for 1954-55 is the calendar year 1953, and the accounting period for 1956-57 is the calendar year 1955. The original order of assessment for 1954-55 is dated December 31, 1954, and the original order for 1956-57 is dated June 26, 1957. The Income-tax Officer treated the assessee as a dealer in shares. So did the Appellate Assistant Commissioner in the appeal filed by the assessee. The assessee then took up the matter before the Income-tax Appellate Tribunal, and the Tribunal confirmed the decision that the assessee should be assessed in respect of his transactions in shares as a dealer therein. It also said that the income of the assessee in respect of both the assessment years has been under-assessed, but did not direct....

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....sults in an enhancement, the profit is fixed at Rs. 15,886. " As regards the assessment year 1956-57 it said : "In the assessment year 1956-57, the profit is Rs. 1,07,211 as against Rs. 27,889 determined by the Income-tax Officer. Even after bringing down the loss of the preceding year as determined by, us Rs. 11,833 the resultant position is an enhancement and, therefore, the figure adopted by the Income-tax Officer has to be confirmed." The wording of section 34(1)(b) of the Indian Income-tax Act, 1922, makes it quite clear that all that is necessary to support action under that provision is that the Income-tax Officer should have, in consequence of information in his possession, reason to believe that income has escaped assessme....