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TMI Blog1951 (3) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... National Cotton Products. On the 16th of October, 1943, a company called National Cotton Products Ltd. was incorporated which took over the business previously done by the National Cotton Products. The assessee also started a partnership business in the name of Yusuf Brothers. Yusuf Brothers were the managing agents of the National Cotton Products Ltd. The shareholders in the limited company and the partners in the managing agents' firm were all close relations of the assessee. The Excess Profits Tax Officer held that the floating of the limited company and the setting up of the partnership business were all done with a view to avoid or reduce his liability to excess profits tax. This finding is not challenged by the assessee but what ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat decision must be embodied in an order. The decision of a Tribunal can only take the form of an order passed by it and therefore when Section 10A contemplates a decision being given, and that decision being subject to an appeal, it is clear that the section contemplates the making of an order by the Excess Profits Tax Officer which can be challenged in the Appellate Tribunal. But it is difficult to appreciate the point made by Mr. Palkhiwalla that the section further contemplates the making of one order in respect of adjustments to be made by him under Section 10A. Now the Legislature has conferred a certain power upon the Excess Profits Tax Officer and it does not indicate in the section how that power is to be exercised nor has it laid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he very use of the indefinite article leads us to an inference contrary to the one put forward by Mr. Palkhiwalla. It is also argued that in this particular case there was only one transaction, viz., incorporation of the limited company and the starting of the partnership firm. Mr. Palkhiwalla says that the Excess Profits Tax Officer may issue two orders when there are two separate transactions but when there is only one transaction he can deal with the transaction only by making one order relating to it. I am not prepared to accept the contention that the incorporation of the National Cotton Products Ltd. and the setting up of Yusuf Brothers constituted one transaction. But even assuming that both these acts did constitute one transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X
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