Meaning of ” Likely to amount to a lakh of rupees or more”

Case Name : Manik chand nahata vs. ITO

Citation : [1970] 78 ITR 204 (CAL.)

Court : Kolkata High Court

Section : 148

Meaning : The expression ‘likely to amount to a lakh of rupees or more’ in section 34 of the 1922 act means that the ito must form some kind of belief or even a suspicion that the amount of escaped income for the year may amount to rupees one lakh or more in the aggregate before the notice under section 34 is issued.

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