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.

Categorized in: