1967 (9) TMI 25

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....year concerned is 1963-64 ; and the accounting period the Malayalam year 1137 M. E. The question referred is : " Whether, on the facts and in the circumstances of the case, there was non-compliance of the provisions of section 142(3) and, if so, whether the assessment order passed under section 143(3) was vitiated ? " Section 142 of the Income-tax Act, 1961, deals with enquiries before asses....

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....ndian Income-tax Act, 1922, even though that Act contained no express provision in that behalf. It formed the foundation for the decision of the Supreme Court in Dhakeswari Cotton Mills Ltd. v. Commissioner of Income-tax and of this court in Swamy Bros. v. Commissioner of Income-tax. There is no doubt that the Income-tax Officer in fixing the gross profit on rice at 2.5% and on provisions at 5%....