1981 (7) TMI 46

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....is reference in respect of the relevant year the profits of the company before payment of taxes as per the profit and loss account was Rs. 1,06,62,415. The income returned by the assessee was Rs. 1,06,80,025. The income assessed by the ITO as per the assessment order appearing in the paper book was Rs. 1,08,05,310. The taxes that were paid by the assessee for the year were Rs. 73,32,054. The month....

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....1970 59,62,251 9,023 ----------------------- ------------------------- 3,41,38,681 73,32,054 ----------------------- ------------------------- In the background of these facts which will appear from the order of the ITO in the instant reference for the assessment year 1971-72, it appears to us that, in view of the principles enunciated by us in I.T. Ref. No. 438 of 1975 (Woolcombers In....