Gujarat Court January 1995 Judgments

Keshrimal Samrathmal Vs. Income-tax Officer

Court: Gujarat

Reported in: [1995]215ITR714(Guj)

N.N. Mathur, J. 1. By this petition, the petitioner-company seeks to challenge the notice issued to it under section 147 of the Income-tax Act, 1961, dated March 29, 1988, in respect of the assessment year 1984-85, wherein it is alleged that the petitioner-company had escaped assessment within the meaning of section 147 of the Income-tax Act, 1961 (for short, 'the Act'). The necessary facts leading to the present petition are given as follows : The petitioner is a partnership firm dealing in cloth. For the assessment year 1984-85, the return of income showing a loss of Rs. 7,777 was filed. In the said return, the petitioner had submitted that a syndicate of five dealers including the petitioner-firm had purchased cloth of Marsdan Monogram Mills jointly and had sold the same and that the profit of that venture was agreed to be shared equally by the five dealers including the petitioner who constituted this syndicate. According to the petitioner, the total profit came to Rs. 93,695 and t...