Mumbai Court May 1979 Judgments
Mahindra and Mahindra Ltd. Vs. Income-tax Officer
Court: Income Tax Appellate Tribunal ITAT Mumbai
Decided on: May-18-1979
Reported in: (1984)8ITD427(Mum.)
1. These two appeals, one each by the assessee and the ITO, relate to the assessee's assessment for the assessment year 1972-73. The assessee is a company. Its assessment for the year was originally made under Section 143(3) of the Income-tax Act, 1961 ('the Act') on 29-3-1975 computing total income at Rs. 1,19,82,982. Since, according to the ITO, the income of the assessee chargeable to tax had been underassessed on account of allowance of initial contribution to superannuation fund in full, he recorded a finding to that effect and issued notice under Section 148 read with Section 147(b) of the Act on 22-9-1975, in response to which the assessee filed its return on 28-10-1975 declaring its income at Rs. 69,72,000. Supplementary assessment was, however, completed on 16-8-1977 computing the total income at Rs. 1,43,84,542.The additions in the impugned assessment, inter alia, were: Rs.(i) For under-valuation of stock 1,86,962(ii) Out of expenditure in Agro Aviation Division 1,25,000(iii...
Tag this Judgment!Union of India (Uoi) and ors. Vs. C. Damani and Co. and ors.
Court: Mumbai
Decided on: May-03-1979
Reported in: 1989(25)LC216(Bombay)
ORDERDesai, J.1. This is an appeal from the order of the learned Single Judge dated 28th April 1979 in Miscellaneous Petition No. 904 of 1979. The observations made in this appeal will govern the decisions in the remaining appeals. The 1st Respondents to this appeal are M/s. C. Damani and Company and in this appeal we are concerned with five contracts, three of them for the total quantity of 1200 kg. and two for the total quantity of 800 kg. In respect of the 1st group of three contracts prior to the changes with which we are concerned in this appeal and which have been noted in para 1. of the judgment appealed from, all the formalities had been completed including endorsement of the licences thereon. It appears, however, that after the changes effected on 20th February, 1979 it is possible that some of the endorsements already made and orders endorsed and/or inscribed on the shipping documents may have been cancelled by various authorities of the Union of India, for example the Joint ...
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