TMI Blog1975 (6) TMI 2X X X X Extracts X X X X X X X X Extracts X X X X ..... er shows, among other things, that rebate on export profits was granted to the assessee-company at 4.6 per tent. There was an inconsequential order of rectification dated 11th August, 1966. An appeal against this order was dismissed on 25th June, 1968. Meanwhile, by an order dated 29th February, 1968, there was a further rectification of the order of assessment, the officer holding that the assessee should be treated not as a public limited company but only as one in which the public are substantially interested, and that, therefore, the assessee would be entitled to rebate only at 20 per cent. on export profits and not at the higher rate of 30 per cent. The assessee appealed to the AAC contending that it was a manufacturing company and not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on, and Expln. 1 to the said prov. enacted that : " For the purposes of this paragraph, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any of the aforesaid activities included in its total income for the previous year is not less than fifty-one per cent. of such total income." The ITO who issued the reassessment order (annexure G) dated 8th October, 1970, was of the view that the original assessment order dated 30th November, 1965, was passed without reference to the provisions of the Finance Act, 1965, and for that reason, required ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... research into facts or law, but was not in fact obtained, the jurisdiction of the ITO is not affected." To our mind, the above observations make it clear that the information which was made the foundation for reassessment may well be obtained from the material on record or the facts disclosed thereby, or from other enquiry or research into the facts or law, even if these could well have been obtained on the earlier occasion. The position was stated by a Division Bench of this court in United Mercantile Co. Ltd. v. CIT [1967] 64 ITR 218 (Ker). The learned Chief justice who delivered the judgment referred to the Salem Provident Fund Society Ltd.'s case [1961] 42 ITR 547 of the Madras High Court and observed : " 'To inform' means 'to impart ..... X X X X Extracts X X X X X X X X Extracts X X X X
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