TMI Blog1964 (7) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings under section 34 and make reassessments for 1954-55 and 1956-57 and whether the reassessments made by the Income-tax Officer are valid?" The accounting 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 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for 1954-55 the Tribunal said : The profit assessable for 1954-55 is Rs. 17,262 as against Rs. 15,886 determined by the Income-tax Officer. As this results 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 prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cluded in such sources from which information could be derived. We are clearly of the view that there is no justification in principle to confine the external sources of information to information derived from a judgment of the Privy Council or the Supreme Court or a High Court. If information can be derived properly from those sources and such information will constitute information for the purposes of section 34, it is not possible to exclude similar information derived from other sources, namely, the Income-tax Appellate Tribunal or the Appellate Assistant Commissioner. It might be said that the external sources should be such as cannot be characterised as departmental authorities, such as the Privy Council, the Supreme Court and the Hig ..... X X X X Extracts X X X X X X X X Extracts X X X X
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