1992 (11) TMI 8

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....dian Income-tax Act, 1922, as applied to the Business Profits Tax Act, the Income-tax Appellate Tribunal has referred the following question at the instance of the Revenue : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in reducing the business profits of the assessee-company for the period from January 1, 1948, to December 31, 1948, by a ....

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....may be mentioned that in arriving at the excess profits, the Income-tax Officer had started with the business profits of Rs. 1,28,46,149 computed under the Indian Income-tax Act, 1922. In the income-tax proceedings the assessee had contested the extra profit addition of Rs. 76,92,566. The Appellate Assistant Commissioner had upheld the said addition. However, in further appeal to the Tribunal, ....