On application filed by the assessee, the Tribunal referred the following question to the High Court under section 66(1) of the Act: "Whether on the facts and in the circumstances of this case the provisions of section 34(1) were applicable in respect of the assessment year 1942 43 on 19th January, 1950, when the notice under that provision was issued for the purpose of assessing the escaped interest income." The High Court came to the conclusion that the Tribunal in its order dated April 25, 1949, committed a clear error in setting aside the assessment of tax on the interest income without going ,into the correctness of the imposition of tax thereon, but that order had become final; it further held that the said order ,did not invalidate the entire proceedings taken under section 34 of the Act and, therefore, the Income tax Officer could not take proceedings afresh under section 34 of the Act.