1987 (1) TMI 29

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....umstances of the case, the amendment of section 274(2) which is effective from April 1, 1971, was applicable ? " The reference relates to the assessment year 1959-60. The assessment for this assessment year was completed on January 11, 1960, and the total income, was assessed at Rs. 6,517. In December 1964, a search at the assessee's business and residential premises yielded material which showed that income relating to the concerned assessment year had not been fully disclosed. The, assessment was thereupon reopened under section 147 of the Income-tax Act 1961, and a notice under section 148 was served on the, assessee on March 28, 1967. On March 7, 1969, and May 13, 1969, the assessee filed return pursuant to the notice under section 1....

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....nd we heard Mr. Jetly, learned counsel for the Revenue, at length, upon both. Thereafter, Mr. Thakar, learned counsel for the respondent, argued the matter, in so far as it concerned the first question, at some length. He thereafter, pursuant to the discussion thereon, stated that the first question may be answered in the affirmative and in favour of the Revenue. The first question will, accordingly, be so answered. In regard to the second question, Shri Jetly submitted, and in our view rightly, that it had to be answered in the negative and in favour of the Revenue in view of a Division Bench judgment of this court, which is in Income-tax Reference No. 260 of 1976 (CIT v. Rizumal Pherumal [1988] 169 ITR 25) decided by Chandurkar and Moh....