Thereafter the respondent, namely, the Commissioner of Income tax approached the Tribunal for making a reference to the High Court under section 66(1) of the Act as a result of which the Tribunal referred the case to the High Court at Calcutta after framing the following question: "Whether on the facts and in the circumstances of the case, the Tribunal, was right in holding that the re assessment made by the Income tax officer under section 34(1) (b) of the Indian Income tax Act, 1922 was incompetent ?" The High Court, after hearing the parties, differed from the view taken by the Tribunal and held that the present case squarely fell within the ambit of section 34(1) (b) of the Act inasmuch as the information on the basis of which the Income tax officer sought to re open the original assessment was based on subsequent facts as also on the materials of the original assessment revealed by more careful and closer circumspection of those materials.