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Report No. 12

152. Income escaping assessment.-


(a) the Income-tax Officer has reason to believe that by reason of the omission or failure on the part of an assessee to make a return of his income under section 143 [22] for any assessment year or to disclose fully and truly all material facts necessary for his assessment for that year, income chargeable to tax has escaped assessment for that year or

[Section 34(1), first para., clause (a), part]

(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 chargeable to tax has escaped assessment for any assessment year

[Section 34(1), first para., clause (b), part]

he may, subject to the provisions of sections 153 to 159 [other sections in group dealing with escaped income] assess or reassess such income or recompute the loss or the depreciation allowance, as the case may be, for the assessment year concerned (hereafter in sections 153 to 159 [other sections in the group for escaped income] referred to as the relevant assessment year).

[Section 34(1), 2nd para., part]

Explanation.-Production before the Income-tax Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Income-tax Officer will not necessarily amount to disclosure within the meaning of this section.

[Section 34(1), Expin.]

Income-Tax Act, 1922 Back

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