TaxTMI 
TaxTMI 
1960 (2) TMI 61
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....nder sub-section (1) of section 34, was issued while the proceedings which had commenced with the issue of the first such notice of May, 1953, were yet pending and had not been completed? The facts which gave rise to the reference are these: Messrs. Atma Ram Bindra Ban, the assessee, is a Hindu undivided family and the assessment in question was revised assessment for the year 1947-48, made in terms of section 34 of the Indian Income-tax Act. The original assessment for this year was made on 8th August, 1951. Subsequently, on the examination of the books of the assessee in certain other proceedings it transpired that certain cash credits amounting to ₹ 37,880 entered in the assessee's personal account had escaped consideration in....
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....e the subject of excessive relief under the Act, or excessive loss or depreciation allowance has been computed, or (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, or have been under-assessed, or assessed at too low a rate, or have been made the subject of excessive relief under this Act, or that excessive loss or depreciation allowance has been computed, he may in cases falling under clause (a) at any time within eight years and in cases falling under clause (b) at any time within four ....