9911796707
TMI Blog1992 (8) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... by MRS. SUJATA MANOHAR J.-The first petitioner is a limited company incorporated under the provisions of the Companies Act, 1956, and is engaged in the business of manufacture and sale of glass and glassware. In this petition, the petitioners have challenged the validity of an intimation sent by respondent No. 1 under section 143(1)(a) of the Income-tax Act, 1961, increasing the first petitioner' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngly, prepared its accounts for the year ended on June 30, 1988. For the period July 1, 1988, to March 31, 1989, the account is prepared separately. Since the previous year relevant to the assessment year 1989-90 covered both these periods, the first petitioner-company computed its income by taking into consideration the accounts for both these periods. The book profits of the petitioners for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, he has computed tax on the total income at Rs. 23,40,511, surcharge at Rs. 1,17,026 and additional tax under section 143(1A) at Rs. 1,31,192. This has been adjusted against the refunds due to the first petitioner. The intimation Which is required to be given under section 143(1)(a) must determine the tax found due on the basis of the return and if any refund is due on the basis of such return, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to issue a fresh intimation under section 143(1)(a) of the Income-tax Act, 1961, in accordance with law and in the light of the ratio laid down by the above judgment and to grant to the petitioners refund, if any, due to them under the fresh intimation to be issued as aforesaid.
Rule is made absolute accordingly.
No order as to costs.
X X X X Extracts X X X X X X X X Extracts X X X X
|
