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Income-tax Act, 1922 -- Sections 22(4), 23(2), 28(1A), 34 -- Notice -- Reassessment -- Issue of notice under Sec. 34 -- Whether condition precedent for validity of assessment -- Held yes -- Notice under Sec. 34 not issued -- Filing of revised return statement coupled with compliance with notices under Sec. 22(4) and Sec. 23(2) -- Whether amounts to waiver of irregularity or illegality, particularly when assessee not aware of his legal rights or relinquished his rights -- Held no -- Penalty -- Assessment annulled being invalid -- Penalty for concealment of income on the basis of assessment -- Whether sustainable in law -- Held no -- Notice under section 34 -- Condition precedent to validity of assessment on income escaping assessment or under-assessed -- Submission by assessee of revised return of income showing some income as before and his compliance with notices under sections 22(4) & 23(2) -- Cannot be construed as amounting to waiver of legal right by assessee -- Assessment annulled - Corresponding Sections: Income-tax Ordinance, 1979 -- Sections 61, 65, 109 -- ORDER The order was passed by A. AHMAD, Accountant Member.--- These appeals are directed against two separate orders for the charge year 1962-63--one against the order under Section 23(3)/34 and the other against an order under Section 28(1A). 2. We take up the appeal against the assessment under Section 23(3)/34. The objections taken are directed against legality of the impugned assessment and the quantum of income. The facts of the case leading to revised computation of income have been described by the Income-tax Officer in the following terms:- "Original assessment was made on 25.10.1962 on total income of Rs. 22,350. Case for 1963-64 assessment year was fixed for hearing on 27th November, 1967. On that date 1 found that assessee had deposits of Rs. 13,352 with the Executive Engineer, Public Health Engineering during the period ended on 30th Dune, 1962 i.e., assessment year 1962-63. These deposits were not however declared in the wealth statement for the year ended 30th June, 1962, filed at the time of the assessment for 1962-63. In the assessment for 1962-63 this wealth statement, in which…

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