TIKA RAM & SONS (PVT.) LTD. vs INCOME-TAX OFFICER, A-WARD, DISTRICT — 1972 PTD 227

Citation: 1972 PTD 227

Court: Allahabad High Court

Year: 1971

Decision Date: 1971-12-31

Parties: TIKA RAM & SONS (PVT.) LTD. vs INCOME-TAX OFFICER, A-WARD, DISTRICT JUDGMENT

Headnotes

Case cited as 1972 PTD 227

Judgment Text

Court Name: Allahabad High Court Judge(s): M. H. Beg, R. S. Pathak Title:TIKA RAM & SONS (PVT.) LTD. vs INCOME-TAX OFFICER, A-WARD, DISTRICT JUDGMENT Reported As: 1972 PTD 227 Result: Petition allowed Judgment JUDGMENT PATHAK, J.----The petitioner, a private limited company, filed a return of its income for the assessm ent year 1965-66. The return was drawn up on the basis that the income of the previous year relevant to the assessm ent year 1965-66 was Rs. 3,79,889 anti after setting off the aggregate of the losses carried over from tine preceding years totalling Rs. 3,32,477 the net taxable income was Rs. 47,412. On the basis of the return, the petitioner paid a. Sum of Rs. 23,705 as self-assessed tax under section 140-A of the income-tax Act, 1961. On August 21, 1965, the Income-tax Officer, A-Ward, Aligarh, served a notice upon the petitioner stating: "Kindly refer to your returned income at Rs. 47,412. The income at this figure has been returned by you after claiming loss of Rs. 3,32,477 for which no details have been filed. A perusal of this office records revealed that the position of determined loss and returned profits and losses was as under Loss Profit 1960-61Rs.Rs. Determined loss1,90,982 1961-62 Loss92,079 1962-63 Profit2,14,583 1963-64 Profit5,171 --- ## Page 2 2,83,0612,19,754-- Diff. Loss63,307 For the assessm ent year 1964-65 you have disclosed a loss of Rs. 31,912. Hence your total loss comes to Rs. 95,219 as against. Rs. 3,32,477 claimed by you. It…

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