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TMI Blog1964 (9) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... ns relate to assessments on a firm and its partners. From the order produced in O.P. No. 2162 of 1963, exhibit P-5, it is seen that the income of the firm has been fixed at ₹ 17,923 for the accounting period which ended on March 31, 1963. The assessment year was 1963-64. On the basis of the fixation of the income and the allocation of that income to the three partners, assessment orders i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 142(1) to produce the accounts and documents mentioned in the notice on September 17, 1963. The assessee moved for adjournment on that day which was granted and the case was posted to September 23, 1963. On that day, the documents and the accounts were produced by the authorised representative of the assessee, one Mohammood. He has filed two affidavits before this court, one dated 10th No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nerally ranges between 10 to 12%. And the assessing authority has adopted the minimum rate, i.e., 10% of the turnover. The fact that the average rate of profit in the trade is between 10 to 12% has not been intimated to the assessee. Further the proposal to adopt that basis so far as these assessments are concerned has also not been put to the assessee. For all that one knows the assessee may have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing been rejected, the assessment has to be made in the manner provided by section 144 and that therefore section 142(3) has no application. I do not express any opinion on this aspect in these cases as I think that, apart from the statutory provisions, this court will always insist on the principles of natural justice being followed. It will be open to the assessing authority to issue notice t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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