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PETITIONER: INDIA UNITED MILLS LTD.
Vs.
RESPONDENT: COMMISSIONER OF EXCESS PROFITSTAX, BOMBAY.
DATE OF JUDGMENT: 28/10/1954
BENCH: AIYYAR, T.L. VENKATARAMA BENCH: AIYYAR, T.L. VENKATARAMA MAHAJAN, MEHAR CHAND (CJ) DAS, SUDHI RANJAN HASAN, GHULAM BHAGWATI, NATWARLAL H.
CITATION: 1955 AIR 79 1955 SCR (1) 810 CITATOR INFO : R 1963 SC1062 (10) RF 1976 SC 313 (31) R 1981 SC1887 (27)
ACT: Excess Profits Tax Act (XV of 1940), ss. 15, 26(3)-Meaning and import of the word ’discovers’-Allowance granted to assessee on his representation-Subsequent facts show that representation as untrue, Effect of.
HEADNOTE: The word ’discovers’ in s. 15 of the Excess Profits Tax Act, 1940, is not limited to facts discovered, which existed during the relevant chargeable accounting period for which assessment is reopened under the section but also includes facts so discovered which came into existence subsequent to such accounting period. Allowance was granted to an assessee by the Central Board of Revenue under s. 26(3) of the Act for the chargeable accounting period during the war on the ground that certain buildings, plant and machinery provided for production of war materials will not be required for the purposes of assessee’s business after the termination of the war. But it was discovered that even after the termination of war th...