1979 (7) TMI 13

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.... Profits Tax Act, 1940 (hereinafter referred to as " the Act "). The relevant chargeable accounting periods which are in dispute in this petition are the calendar years 1941 and 1942. The petitioner, in the relevant period, was doing business in mill stores including oils and lubricants. Mr. Homi Mehta and his four sons held 91% profits-shares. The petitioner also did business in Ahmedabad through....

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....de adjustment in the assessment of the said two companies. The said two companies carried appeals before the Income-tax Appellate Tribunal and the appeals were allowed. While allowing the appeals, the Tribunal made the following observations: " We must, therefore, set aside the orders passed under section 10A by the Excess Profit Tax Officer. If the department thinks that the provisions of sect....

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.... November 14, 1973, inter alia, states that respondent No. 1, in consequence of definite information which had come into his possession, had discovered that the profits of the chargeable accounting period for the relevant years had escaped assessments. The petitioner, through its chartered accountants, called upon respondent No. 1 to indicate as to what was the definite information in his possessi....

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....ion, in the possession of respondent No. 1 and the notices were issued after 24 years threatening to reopen the assessment merely on some stray observation by the Income-tax Appellate Tribunal while disposing of the two appeals preferred by the private companies. In answer to the petition, on behalf of the respondents, a return has been filed and what is disclosed as definite information are only ....