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TMI Blog1935 (12) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... r gains under any source which he finds to have not escapee assessment in any year; (3) Whether the supplementary assessment levied in this case by the Income Tax Officer on 12th October 1932 is correct. The Commissioner was of opinion that the answer to questions (1) and (3) should be in the affirmative and to question (2) in the negative. He said: The assessees' contention is that as income from interest was really only ₹ 55,211 and not ₹ 85,000 as originally estimated by the Income Tax Officer he should have reassessed it at the former figure. Section 34, however, clearly empowers an Income Tax Officer to reassess only income which has escaped assessment, and I submit that it does not empower him to revise his own ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , and I submit that it does not empower him to revise his own decision and reduce the assessment of in come escaping assessment. As regards income which has been over-assessed Sections 31, 32 and 33 of the Act contain provisions to enable an assessee to obtain redress. BEAUMONT, C.J.--In this case the assesses were assessed under Section 23(4) of the Income Tax Act and in that assessment interest on securities were treated as ₹ 31 thousand and odd, dividends at ₹ 44 thousand odd and other sources- Interest at ₹ 85,000. Subsequently it transpired that interest on securities should have been ₹ 58 thousand odd instead of ₹ 31 thousand and odd and dividends should have been ₹ 68 thousand odd, and inst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thing to show that the other item 'other sourcesinterest' which includes interest on mortgages, bank deposits, and so forth would have been assessed at a lower figure if the Income Tax Officer had had the right figure in respect of the interest on securities, and dividends. It seems top me, therefore, that this is a case in which certain items have escaped assessment, although it is true that another item has been over assessed. But credit cannot be given to the assessee in respect of the latter item. I think, therefore, that we must answer the questions propounded to us in the same manner as the learned Commissioner, that is questions Nos. 1 and 3 in the affirmative and questions No. 2 in the negative. Assessee to pay the cost of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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