TALLURI RAGHAVAIAH Vs. FIRST ADDITIONAL INCOME TAX OFFICER

JUDGEMENT

(1.) THE point that falls for determination in this petition is whether in computing the period of limitation under section 34 (1) (a) of the Indian Income-tax Act, it is the accounting year or the assessment year that should form the basis.

(2.) THE essential facts lie within his return for the assessment year 1950-51 and the assessment was completed on March 31, 1950. THE proper Income-tax Officer issued a notice dated March 5, 1959, under section 34, requiring the assessee to send his return for the assessment year 1950-51 as he had reason to believe that the assessees income assessable to tax had escaped assessment.

(3.) SINCE the solution of the problem posed here is to be found in section 34, it is necessary to extract it here so far as it is of immediate relevance. It reads :