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PETITIONER: THE COMMISSIONER OF INCOME TAX,BOMBAY CITY 1, BOMBAY
Vs.
RESPONDENT: M/S. NARSEE NAGSEE AND CO., BOMBAY.
DATE OF JUDGMENT: 06/05/1960
BENCH: KAPUR, J.L. BENCH: KAPUR, J.L. DAS, S.K. HIDAYATULLAH, M.
CITATION: 1960 AIR 1232 CITATOR INFO : R 1964 SC 766 (9) R 1968 SC 565 (9,32) R 1977 SC 540 (9,11)
ACT: Business Profits Tax-Limitation for assessment-Notice under Business Profits Tax Act issued beyond four years-Validity- " Profits escaping assessment ", meaning of-Excess Profits Tax Act, 1940 (15 of 1940), ss.13, 15--Indian Income-tax Act,1922 (II of 1922),SS. 22(2), 34(1)-lncome Tax and Excess Profits Tax Amendment Act, 1947 (22 of 1947)-Business Profits Tax Act, 1947 (21 of 1947), SS. 11(1), 14-
HEADNOTE: The assesses firm which was doing business in Bombay was served with a notice on January 21, 1953, by the Income-tax Officer under s. 11(1) of the Business Profits Tax Act, 1947, in respect of the chargeable accounting period from November 13, 1947, to October 31, 1948, calling upon it to submit its return. It filed the return under protest stating that the notice was barred under s. 14 of the Act as it was served beyond the period of four 989 years. The question was whether in s. 11 of the Act a limitation corresponding to the limitation contained in S. 14 must be necessarily read and whether in a case where ...