TMI Blog1969 (3) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt was delivered by V. G. OAK C. J.- This special 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 br ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t under section 34(1)(b) of the Act. Section 34 of the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cular officer who can take action under this provision. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the Income-tax Officer is not affected." 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 p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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