Validity of section 144B reference upheld where a bona fide calculation mistake supported the assessment and limitation challenge failed.

A reference made by the Income-tax Officer to the Inspecting Assistant Commissioner under section 144B was treated as valid because the Tribunal had found that the draft assessment involved a bona fide calculation mistake, a factual finding that supported the reference. On that basis, the assessment completed on 23 April 1979 was held to be within limitation and not time-barred. The stated outcome was in favour of the Revenue and against the assessee.

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Issues: Whether the reference made by the Income-tax Officer to the Inspecting Assistant Commissioner under section 144B was valid and whether the assessment made on 23 April 1979 was within limitation.

Analysis: The Tribunal's finding that the draft assessment involved a bona fide calculation mistake was treated as a finding of fact. On that basis, the reference under section 144B could not be said to be improper, and the assessment completed on 23 April 1979 was not barred by time.

Conclusion: The reference under section 144B was valid and the assessment was within the period of limitation, in favour of the Revenue and against the assessee.

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