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1955 (4) TMI 1 - SC - Income TaxWhether, on the facts, it can be said that "income chargeable to income-tax has escaped assessment in the relevant year? Held that:- The Indian Finance Act of 1939 must be assumed even factually to have come into operation on the date specified and the tax must be taken to have become chargeable in that very year, though the actual liability for payment could not arise until proper and valid steps are taken for quantification of the tax. The contention, therefore, of the appellant that the income was not chargeable to tax in the year 1939-40 cannot be accepted. Thus the income of the assessee chargeable to income-tax escaped assessment in the relevant year 1939-40. Appeal dismissed.
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