( 1 ) THE facts in this case arc shortly as follows: The petitioner carries on business in Calcutta. On 29-1-1951, ho was assessed for income-tax for the assessment year 1947-48 on a total income of Rs. 1,15,5327- by the Income-tax Officer-Companies District IV, Calcutta. On the 6th of February 1951, notice under Section 29 of the Indian Income-tax Act (hereinafter referred to as the "act") was issued demanding payment of Rs. 39,337/4/0 as tax. The petitioner paid that amount. On the 19th of March 1956, a notice was issued upon the petitioner under Section 34 of the said Act. In the said notice it was alleged that the Income-tax Officer had reason to believe that the income of the petitioner assessable to income-tax for the assessment year 1947-48 had escaped assessment and he proposed to re-assess the said income which had escaped assessment. The petitioner was called upon to make a return in the prescribed form. Although the notice was issued on 19-3-1956, it is not disputed and therefore it must be deemed to be admitted, that the notice was served upon the petitioner on 2-4-1956. A further notice under Section 22 (4) of the Act was issued on 10-1-1957. On 22-1-1