COMMISSIONER OF INCOME TAX Vs. NATIONAL RAZORS AND BLADES PVT LTD
HIGH COURT OF CALCUTTA
COMMISSIONER OF INCOME-TAX
NATIONAL RAZORS AND BLADES PVT. LTD.
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Satish Chandra, C.J. -
(1.) For the assessment year 1962-63 (previous year being the financial year ending March 31, 1962), the assessee returned an income of Rs. 10,790. The assessment was, however, completed on a total income of Rs. 1,90,293 by an assessment order passed on March 20, 1967.
(2.) The ITO, on March 29, 1968, passed an order under Section 104 of the I.T. Act, 1961, raising a demand of additional super-tax of Rs. 34,342. He found that the assessee had a distributable surplus, of Rs. 92,545 which should have been distributed and hence an additional super-tax at 37 per cent. was payable under Section 104 of the I.T. Act, 1961.
(3.) The assessees went in appeal. The AAC upheld the order of the ITO.;
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