1983 (10) TMI 112

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....essee was a firm running a khandsari mills. The said firm came into existence from 1st November, 1975 and the accounts were closed on 30th June, of every year. The return for the asst. yr. 1977-78, however, covered the period from 27th May, 1975 to 30th June, 1976. Therefore, the working results also involved a period when the firm was not in existence. The return was at a negative figure showing ....

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....ee has come up in appeal before us. 3. We have heard the representatives of the parties at length in this appeal. It is argued that the actual difference between the returned and the assessed loss was not more than Rs. 1 lac as had been pointed out by the ITO. For this purpose, a chart was given to us, which is at page 1 of the Paper Book and prima facie goes to support the contention of the asse....

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....ed by the CIT. We were also apprised of the letter dt. 18th March, 1982 written by the representative of the assessee wherein these pleas have been explained at length. It, however, appears that this letter was not considered by the CIT, because the order of the CIT is dt. 17th March, 1982. The order further shows that the assessee had made a petition seeking adjournment for a week which was refus....