Section 34 of the Mysore Act states " If for any reason, income, profits or gains chargeable to income tax has escaped assessment in any year, or has been assessed at too low a rate, the Income tax Officer may at any time within four years of the end of that year, serve on the person liable to 783 pay tax on such income, profits or gains, or in the case of a company, on the principal officer thereof, a notice I containing all or any of the requirements which may be included in a notice under sub section 2 of section 22, and may proceed to assess, or re assess such income, profits or gains, and provisions of this Act shall, so far as may be, apply accordingly as if the notice were a notice issued under that sub section: Provided that the tax shall be charged at the rate at which it would have been charged, had the income, profits or gains, not escaped assessment, or full assessment, as the case may be.