KEDAR NATH Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) -

(2.) THIS is a reference under Section 66 (1) of the Income-tax Act made by the Income-tax Appellate Tribunal for decision by this Court of the following question

(3.) IF in consequence of definite information which has come into his possession the Income-tax Officer discovers that income, profits or gains chargeable to income-tax have escaped assessment in any year, or have been under-assessed, or have been assessed at too low a rate, or have been the subject of excessive relief under this Act, the Income-tax Officer may, in any case in which he has reason to believe that the assessee has concealed the particulars of his income or deliberately furnished inaccurate particulars thereof, at any time within eight years, and in any other case at any time within four years of the end of that year, serve on the person liable to pay tax on such income, profits or gains......... a notice containing all or any of the requirements which may be included in a notice under sub-section (2) of Section 22, and may proceed to assessee or re-assess such income, profits or gains............