Court : Jammu and Kashmir
Decided on : Aug-20-1976
Reported in : [1979]117ITR137(J& K)
M.R.A. Ansari, C.J. 1. The assessee in this case is a registered firm of the name of Messrs. Fairdeal Motors, Srinagar, deriving income from the sale of trucks, scooters and motor spare parts. For the assessment year 1966-67, for which the relevant accounting year is the year ending December 31, 1965, the assessee filed his return declaring an income of Rs. 94,623. In this return, the assessee had not shown the income derived from the business of the transport of products of Messrs, Indian Oil Co. Ltd. from Pathankot to Srinagar and Sonamarg which was carried on in the name ofMessrs. New Bharat Transporters on the plea that the said business belonged to an association of persons and was not a branch of Messrs. Fair-deal Motors. In a letter dated March 14, 1968, addressed to the CIT the assessee agreed, inter alia; that the business carried on in the name of New Bharat Transporters may be treated as a branch of Messrs. Fairdeal Motors. In view of this letter the ITO included a sum of Rs...
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