TMI Blog1974 (10) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... uly 21, 1959, to March 31, 1963, and the net income was determined at Rs. 27,972. The assessee itself filed a return admitting the said amount of Rs. 27,972 as the income for the assessment year 1963-64. The Income-tax Officer completed the assessment accepting the return filed by the assessee. The assessee, however, filed an appeal before the Appellate Assistant Commissioner challenging the assessment on the ground that the sum of Rs. 27,972 should be taken as the income for the period of 3 years and 8 months pertaining to the assessment years 1960-61 to 1963-64 and that, therefore, the said income of Rs. 27,972 returned by the assessee should be apportioned pro rata for all the said assessment years. The Appellate Assistant Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing one lot of cinder purchased from the Railways, that the assessee itself bad represented in the course of earlier years to the Income-tax Officer that the profits could be ascertained only at the end of the venture and that no income had accrued in the earlier years. The Tribunal taking the said peculiar facts of the case held that the entire income returned by the assessee pertained to the assessment year 1963-64 and had been returned by the assessee. The Tribunal also relied on the decision of the Andhra Pradesh High Court in Commissioner of Income-tax v. Nanduri Suryanarayana in support of its view that were the profits were not capable of ascertainment till the determination of the venture, profits could be taxed only when the ventur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ising out of business carried on by the assessee over a period of 3 years and 8 months from July 21, 1959, to March 31, 1963, as chargeable to tax in the assessment year 1963-64 is valid in law ? " Mr. K. Srinivasan, the learned counsel for the assessee, contends that the view taken by the Tribunal that, as the business carried on by the assessee-firm related to single venture, the profit can accrue only in the year during which the accounts of that venture had been closed is erroneous in law, and that the true legal position is that even in respect of a single venture, the profits could accrue each year when the venture was carried on and not only for the year when the accounts were closed. The learned counsel refers to certain decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder sold in each year. The learned counsel for the assessee concedes that from the accounts of the assessee, it may not be possible to get the quantity of the cinder purchased or the quantity of the cinder sold in each of the years ; but he states that a duty is cast on the Income-tax Officer to find out the income earned in respect of each year and that he has to do that duty, whether the assessee has given the necessary material or not. As a general submission that the Income-tax Officer has to determine the total income of the assessee, even if the assessee does not produce the accounts or the requisite material, there cannot be any dispute. In fact, the assessee has earned income in the various years. If, in fact, the assessee has earn ..... X X X X Extracts X X X X X X X X Extracts X X X X
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