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Citation: 1995 PTD 170
Court: Punjab High Court
Year: 1963
Decision Date: 1963-09-24
Parties: PUNJAB TRADING CO. LTD vs COMMISSIONER OF INCOME-TAX, SIMLA
Case cited as 1995 PTD 170
Court Name: Punjab High Court Judge(s): A. N. Grover, D. Falshaw Title: PUNJAB TRADING CO. LTD vs COMMISSIONER OF INCOME-TAX, SIMLA Case No.: Income-tax Reference No. 7 of 1962 Date of Judgment:1963-09-24 Reported As: 1995 PTD 170 Result: Reference answered JUDGMENT JUDGMENT D.FALSHAW, C J.--The question framed for our consideration by the Income-tax Appellate Tribunal under the order of this Coun passed under section 66(2) of the Income-tax Act on the 30th of March, 1961. reads: "Whether on the facts and circumstances of this case there was any material on which the income-tax =thorium could legally make the assessment under the proviso to section 13 of the Income-tax Act. 1922. for the assessm ent years 1956-57 and 1957-58? The case refers to the income.tax assessment of the Punjab Trading Co. Ltd.. Bhatinda, for assessm ent years 1956.57 and 1957.58, the accounting years ending on the 30th June, 1955, and the 30th of June. 1956. Among the business earned on by the company was the miming of cotton ginning mills at Nabha and Bhatinda and also in the second assessment year at Patina. For the years in question the company's accounts were apparently regularly maintained and had been audited by Messrs D. Ghana and Company, Chartered Accountants. New Delhi, but the Income Tax Officer in his assessm ents completed on the 28th of February, and 14th of December,1957, held that the profit in respect of the cotton ginning business made by the assessor must be higher than what was…
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