MAGANTI RAMACHANDRA RAO AND CO Vs. COMMISSIONER OF INCOME TAX
HIGH COURT OF ANDHRA PRADESH
MAGANTI RAMACHANDRA RAO AND CO.
COMMISSIONER OF INCOME-TAX
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Parthasarathi, J. -
(1.) THIS is an application under Article 226 of the Constitution for a writ of certiorari for quashing the order of the Commissioner of Income-tax made on February 23, 1970.
(2.) THE facts that have given rise to the writ petition may briefly be stated. THE petitioner, a partnership, was assessed in respect of the income for the year ended December 31, 1957, by the order dated August 22, 1959. THE income on foot of which the petitioner was taxed was determined at Rs. 46,254. THE assessment was reopened by the Income-tax Officer who came to the conclusion that the assessee should be taxed in respect of a further sum of Rs. 50,000. THE order of revised assessment was made on July 23, 1963. THEre was an appeal preferred by the assessee, the result of which was that he has succeeded in part and the addition to the income was determined at Rs. 24,500. THE order of the Appellate Assistant Commissioner was made on February 28, 1967.
It may be mentioned that the sum of Rs. 24,500 which was added to the taxable income represents the value of the closing stock, which, according to the Income-tax Officer, ought to have been included in the return for the assessment year that ended with December 31, 1957.
While submitting his return for the next assessment year, viz., 1959-60, the assessee included this item of Rs. 24,500 in his taxable income for the year. The position, therefore, was that according to the assessee this amount was taxable in the assessment year 1959-60 and not in the earlier year. The return for the year 1959-60 was accepted and an assessment was made which included the item of Rs. 24,500.
(3.) AFTER the Appellate Assistant Commissioner passed the order dated February 28, 1967, the assessee applied for rectification of his assessment, but his application in that behalf was rejected by the Income-tax Officer on May 4, 1967.
On December 26, 1967, the assessee presented a revision petition under Section 33A of the Indian Income-tax Act, 1922 (hereinafter referred to as " the Act ") The assessee also presented an application for condonation of the delay.
6. By the impugned order dated February 23, 1970, the Commissioner of Income-tax rejected the revision petition and he also declined to condone the delay.
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