TMI Blog1962 (4) TMI 136X X X X Extracts X X X X X X X X Extracts X X X X ..... A J.--This is a reference under section 66(1) of the Income-tax Act. The question which as been referred to the court for opinion is: Whether, on the facts and in the circumstances of the case, the assessment made under section 34(1)(a) was legal and valid? The assessee is a Hindu undivided family. In its assessment for the assessment year 1947-48, certain items of cash credits amountin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst this order and the Appellate Assistant Commissioner allowed the appeal on the ground that the provisions of section 34(1)(a) were not applicable to the case. He was of the view that there was no omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment. Against this order of the Appellate Assistant Commissioner the Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case has been stated on the question of law mentioned at the beginning of this judgment. It appears to me that on the finding of fact recorded by the Tribu- nal the question referred must be answered in the affirmative. The Tribunal has pointed out that the mere fact that entries regarding cash credits might be contained in the account books of the assessee did not amount to disclosure of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Officer to assess or not to assess the amounts depending upon the fact whether the amounts of cash credits could or could not in the circumstances be held to be taxable income. It follows that the proceedings under section 34(1)(a) were legally justified. The only other question which remains is whether the assessment under section 34(1)(a) was completed within the period of limita ..... X X X X Extracts X X X X X X X X Extracts X X X X
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