Court : Mumbai
Decided on : Aug-13-1981
Reported in : (1981)25CTR(Bom)128; [1982]137ITR493(Bom); [1982]8TAXMAN22(Bom)
Madon, J.1. These two cases have been stated under s. 66(1) of the Indian I.T. Act, 1922, by the Income-tax Appellate Tribunal at the instance of the assessees, Evans Fraser and Co. Ltd. (in liquidation), at different stages of the proceedings relating to the assessment of the assessees' income for the assessment year 1948-49 in respect of the accounting period June 1, 1946, to May 31, 1947. We have heard both these references together and have thought it convenient to dispose of them by a common judgment. In Income-tax Reference No. 146 of 1970 only one question has referred to this court of his determination, while in Income-tax Reference No. 66 of 1979 two questions have been so referred. The question referred to this court in Income-tax Reference No. 146 of 1970 is :'Whether, on the facts and in the circumstances of the case, the transfer of the business along with it assets and liabilities by the assessee company to Evans Fraser and Company (India) Ltd. had resulted in any capital...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jul-13-1981
Reported in : (1983)3ITD633(Mum.)
1. The Special Bench was constituted to consider the following important question which arises from the cross objection of the assessee: Whether the provisions of Section 144B which are introduced in the I.T. Act, 1961 with effect from 1-1-1976 are applicable to all pending assessment proceedings or whether they are applicable only to the proceedings for assessment years 1976-77 and onwards? The assessment year involved is 1974-75. The assessee, a firm, had filed their first return on 5-8-1974. In the course of the assessment proceedings, the ITO, after hearing the assessee, made out a draft assessment order and referred the same to the IAC under Section 144B on 29-3-1977. The assessee filed his objections on 12-4-1977. The IAC, after hearing the assessee, gave his directions which were received by the ITO on 23-9-1977. The assessment was completed later. The assessee's case is that the provisions of Section 144B, under which the ITO made the reference to the IAC, are not applicable s...
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