Law:

Section:

Section 148 of the Income-tax Act, 1961 - [Corresponding to Section 34 of the Indian Income-tax Act, 1922] - Income escaping assessment - Issue of notice for - Assessment years 1947-48 to 1949-50 - Whether, when conditions precedent laying down circumstances in which ITO acquires jurisdiction to issue a notice under section 34 of 1922 Act are satisfied, mere fact of making an assessment by ITO will not bar subsequent issuance of notice under section 34 of 1922 Act - Held, yes - For relevant assessment years, assessee failed to produce his account books before ITO-ITO, however, did not wait until account books were produced and proceeded to make assessment on basis of information on record - He observed in his order that he was making assessment subject to revision under section 34 of 1922 Act in case actual income was found to be higher afterwards - Assessee also expressed his willingness to submit to such an action - Subsequently notice under section 34 of 1922 Act for relevant assessment years were issued in years 1956-1958 - Assessee died in year 1967 - Before his death he had executed a will by which he had settled his properties on trust for benefit of his grandsons and granddaughters - After his death proceedings, under section 34 of 1922 Act were sought to be commenced against legal representatives of deceased and in particular trustees under will of deceased - Against said order passed under section 34 of 1922 Act instant petition was filed - Whether, since, while completing assessment ITO had referred specifically to failure to produce account books, it amounted to failure to disclose truly and fully all material facts on basis of which assessment of income of deceased could have been made - Held, yes - Whether, in such circumstances, reassessment proceedings under section 34 of 1922 Act could be initiated - Held, yes - Whether, however, in view of decision of Supreme Court in CIT v. Amarchand N. Shraff [1963] 48 ITR 59 , trustees or executers could not be called upon to participate in proceedings relating to reassessment of deceased assessee not for previous years of his death, but many years earlier - Held, yes - Whether, consequently, petitioners…

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