K. L. VARADARAJAN vs THE COMMISSIONER OF INCOME-TAX, MADRAS

The Supreme Court interpreted Section 17(1) of the Indian Income Tax Act, 1922, holding that the phrase 'all assessments thereafter' includes both original assessments and reassessments made under Section 34. The Court clarified that a declaration made after the expiry of the specified period is effective for the assessment year in which it is made and for all subsequent assessments, including those for earlier years if reassessed after the declaration. The appeal was allowed, overturning the High Court's decision against the assessee.