Report No. 12

153. "Income which has escaped assessment: Meaning.-

For the purposes of section 152 [section regarding income escaping assessment], the following shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely-

(a) where income chargeable to tax has been under assessed; or

(b) where such income has been assessed at too low a rate; or

(c) where such income has been made the subject of excessive relief under this Act; or

(d) where excessive loss or depreciation allowance has been computed.

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