9911796707
TMI Blog1981 (2) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... t accounting period being May 1, 1975, to April 30, 1976. The petitioner is being assessed to income-tax from the very first year of inception of its business, that is, from assessment year 1972-73 onwards. For the assessment year 1977-78 the petitioner filed its return of income on April 14, 1978. Along with the return the petitioner filed a computation of income, profit and loss account and the balance-sheet for the year ended April 30, 1976. That assessment was completed. Thereafter, notice under s. 143(2)(b) of the I.T. Act was issued on December 27, 1979, in connection with the assessment year 1977-78 and the date of hearing was fixed for January 17, 1980. On January 17, 1980, the petitioner's accountant along with the authorised repre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year 1977-78. In fact, at that time no proceedings for the said assessment year were pending as envisaged and required by s. 131 of the Act. There is a space provided in the form of the summons which was kept blank and on the reverse of the summons form it was mentioned: " Come with books of account for A.Y. 1977-78 though order has been passed under section 143(1)." The petitioner appeared before the respondent on the appointed day with the books of account as called for. The respondent examined the books of account on the said date and called the petitioner again on September 24, 1980. The respondent impounded the books of the petitioner on September 24, 1980, and issued a receipt to the petitioner for the same. At the tim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On being orally directed by the IAC, the respondent ultimately supplied the statement, vide his covering letter dated December 5, 1980. In the meantime, on December 2, 1980, the petitioner also applied in Form No. 6 for an extension of time for furnishing the return in response to the s. 148 notice. The respondent by letter dated December 5, 1980, mentioned the reasons for issuing the notice under s. 148 of the Act. According to the reasons set out in this letter of December 5, 1980, the correct income for the relevant year had been reduced by overwriting and interpolation in the said books of account and the same had resulted in an underassessment of income. The petitioner said and submitted that the books of account which were impounded b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts and other evidence on which you may rely in support of the return filed by You." It is true that the assessment order purports to be under . 141(1) of the Act but in view of the notice dated December 27, 1979, authenticity of which cannot be doubted in view of the fact that the original notice carries the signature of the then ITO and also the seal of his office, it is clear that on January 17, 1980, the books of the petitioner were in fact examined by the then ITO. The assessment order was passed on January 25, 1980. In pursuance of the notice, Ex. B to the petition, all books of account relevant for assessment for the assessment year 1977-78 were produced by the petitioner before the then ITO and also all necessary information was f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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