Meaning of tax terms
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.
