1996 (12) TMI 29

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....Constitution the petitioner challenges annexure " II ", order dated February 19, 1993, issued by the Deputy Commissioner of Income-tax, Assessment, Range-II, Guwahati, initiating proceedings under section 143(1)(a) of the Income-tax Act, 1961 (for short " the Act "), and annexure " IV " order dated June 10, 1993, issued by him in purported exercise of the power under section 154 of the Act refusin....

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....ion of taxable income for the year ending on March 31, 1992, and also the details of the depreciation allowable, additions made to the fixed assets during the year 1992, amounts disallowable under section 143B (sic) of the Act, etc. The first respondent, however, made prima facie adjustments in the purported exercise of the powers under section 143(1)(a) of the Act and added back certain income me....

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....e profit before taxation was Rs. 4,97,94,521 which included other income of Rs. 73,72,014. The petitioner submitted that from the break up it would be clear that the other income of Rs. 73,72,014 included the income which had been added back by the first respondent. Accordingly, the petitioner prayed before the first respondent to rectify the mistakes apparent on the face of the records and also t....

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.... learned counsel appearing on behalf of the petitioner, and Mr. U. Bhuyan, learned counsel appearing on behalf of the Revenue. Dr. Saraf submits that the authority acted without jurisdiction adding the amount of interest on deposits and interest on loan, holding, inter alia, that those were not business income but income from other sources. Dr. Saraf submits that under section 143(1)(a), the Re....