TaxTMI 
TaxTMI 
TaxTMI 
1964 (9) TMI 58
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....ts. JUDGMENT These four writ applications relate to assessments on a firm and its partners. From the order produced in O.P. No. 2162 of 1963, exhibit P-5, it is seen that the income of the firm has been fixed at ₹ 17,923 for the accounting period which ended on March 31, 1963. The assessment year was 1963-64. On the basis of the fixation of the income and the allocation of that income to ....
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....ice was issued to the firm under section 142(1) to produce the accounts and documents mentioned in the notice on September 17, 1963. The assessee moved for adjournment on that day which was granted and the case was posted to September 23, 1963. On that day, the documents and the accounts were produced by the authorised representative of the assessee, one Mohammood. He has filed two affidavits bef....
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....verage rate of profit in this trade generally ranges between 10 to 12%. And the assessing authority has adopted the minimum rate, i.e., 10% of the turnover. The fact that the average rate of profit in the trade is between 10 to 12% has not been intimated to the assessee. Further the proposal to adopt that basis so far as these assessments are concerned has also not been put to the assessee. For al....