Mumbai Court October 1972 Judgments

Commissioner of Income-tax, Bombay City-i Vs. Bhagwandas K. Bros

Court: Mumbai

Reported in: [1973]91ITR256(Bom)

Kantawala, J.1. This is a reference under section 66 (1) of the Indian Income-tax Act, 1922, at the instance of the revenue. The question that is referred to us for determination is whether, on the facts and in the circumstances of the case, the Income-tax Officer was justified in reopening the assessments for the years 1955-56, 1957-58 and 1958-59 under section 34 (1) (b) of the Act 2. The assessee is a registered firm doing business in yarn and also commission agency. The question for determination is confined to assessment years 1955-56, 1957-58 and 1958-59. The corresponding previous years are Samvat years 2010, 2012 and 2013. Up to and including S. Y. 2011, the assessee-firm had three partners, viz., Bhagwandas, Ramniklal and Vrajlal. For and from S. Y. 2012 the frm had six partners, viz., Ramniklal, Vrajlal, Ishwarlal, Kumudchandra, Vinodchandra and Indulal. In the books of the assessee there was an account in the name of Bombay Import and Export Agency (hereinafter referred to a...