1969 (3) TMI 18

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....appeal arises out of proceedings for reassessment under the Indian Income-tax Act, 1922. Messrs. Thakur Das Tej Prakash are the assessees. In the assessment year 1953-54 the assessee's assessable income was determined at Rs. 12,858 from his business. The loss of earlier years amounting to Rs. 84,039 which was from money-lending business, was brought forward from the previous year, and was set off ....

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....e Act ran thus : (1) If-... (b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the assessee, the Income-tax Officer has in consequence of information in his possession reason to believe that income, profits or gains chargeable to income-tax have escaped assessment for any year,.... he may... proceed to assess or reassess such income,......

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....vision. In Commissioner of Income-tax v. Rathinasabapathy Mudaliar it was held by that Madras High Court that : "The information contemplated by section 34(1)(b) of the Indian Income-tax Act, 1922, which gives jurisdiction to the Income-tax Officer to reopen an assessment is information that income, profits and gains chargeable to income-tax had escaped assessment in the assessment of the as....

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...." In Asgar Ali Mohammad Ali v. Commissioner of Income-tax, it was held by a Division Bench of this court that : "Where in the original assessment the Income-tax Officer had omitted to consider and apply to the facts of the case the relevant statutory provision, it is open to the succeeding Income-tax Officer when that omission is noticed by him, to proceed under section 34 to assess the inco....