P. B. MUKHARJI, C. J.

( 1 ) THE Tribunal referred this question as in its opinion a question of law arises on the facts of this case. The question of law in the statement of the case referred to is as follows :"whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the reassessment proceedings under Section 34 (1) (a) of the Indian Income-tax Act, 1922, were not validly initiated ?"the facts of the case may be stated briefly at the outset. It relates to the assessment year 1955-56 and the corresponding previous year ended on the 30th June, 1954. The only question before the Tribunal relates to the validity of reassessment under Section 34 (1) (a) of the Income-tax Act of 1922 for the assessment year 1955-56. The original assessment was made by the Income-tax Officer on a total income of Rs. 83,606. This was reduced in appeal to Rs. 67,092. Subsequently the Income-tax Officer reopened the assessment and in the reassessment that followed he included the sum of Rs. 61,353 as "exchange profit". The profit arose out of remittance made from Pakistan in respect of two bank drafts dated 12th March, 1954, and 23rd April, 1954, drawn by the Muslim

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