KEVALDAS RANCHHODAS vs COMMISSIONER OF INCOME-TAX, BOMBAY CITY-I — 1971 PTD 115

Citation: 1971 PTD 115

Court: Bombay High Court

Year: 1971

Decision Date: 1971-09-19

Parties: KEVALDAS RANCHHODAS vs COMMISSIONER OF INCOME-TAX, BOMBAY CITY-I

Headnotes

Case cited as 1971 PTD 115

Judgment Text

Court Name: Bombay High Court Judge(s): V. S. Desai, S. P. Kotwal Title: KEVALDAS RANCHHODAS vs COMMISSIONER OF INCOME-TAX, BOMBAY CITY-I Case No.: Income-tax Reference No. 78 of 1962 Date of Judgment:1971-09-19 Reported As: 1971 PTD 115 Result: Questions answered in the negative JUDGMENT JUDGMENT KOTVAL, C. J.-The following question has been referred for our decision under section 66(1) of the Indian Income-tax Act: "Whether, in the course of reassessment proceeding: properly initiated under the provisions of clause (a) of section 34(1) of the Act, the assessee can claim the revision of the loss of Rs. 4,49,650 that was determined in the original assessment which had otherwise become final and conclusive so far as he was concerned?" The assessee is the karta of a Hindu undivided family and in the assessment year 1948-49, corresponding to the account year Samvat 2003, he was assessed under section 23 on 16th June 1952, in respect of his income from the business of speculation which he carries on both at Bombay and at Indore among other businesses. Later, the Income-tax Officer came to know that the assessee had suppressed speculation profits to the extent of about Rs. 30,000. He, therefore, issued a notice against the assessee under section 34(1)(a) of the Indian Income--tax Act. At that stage the assessee himself disclosed new figures as to his receipts from the speculation business as also of his payments made in the speculation business. The figures as given at the time…

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