KAPUR AND CO PVT LTD Vs. COMMISSIONER OF INCOME TAX
HIGH COURT OF CALCUTTA
KAPUR AND CO.(P.) LTD.
COMMISSIONER OF INCOME-TAX
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M.N.Roy, J. -
(1.) The petitioner is an existing company under the Companies Act, 1956, and it has been stated that the source of its income is from house property. The rule without any interim order, but with liberty to ask for same was obtained on 28th February, 1977, along with Civil Rule No. 943(W) of 1977, against an order, dated 6th July, 1976, made by the Commissioner of Income-tax, respondent No. 1, under Section 264 of the Income-tax Act, 1961 (hereinafter referred to as "the said Act"), relevant for the assessment years 1965-66 and 1967-68. The other rule related to such proceedings against assessment for the years 1965-66 to 1971-72.
(2.) Although the rule was made ready as regards service on 12th November, 1979, there has been no appearance entered or any affidavit-in-opposition filed by the respondents. Mr. R. Prosad, of course, wanted to make some submissions at the time of hearing without filing the necessary power. But such prayer was refused as he was not duly empowered. It should also be noted that the said Shri Prosad did not ask for any opportunity to file power at the subsequent date when the matter was heard.
(3.) It was the case of the petitioner that for the assessment year 1965-66 he did not file any voluntary return under Section 139(1) of the said Act as it suffered loss and on 31st March, 1967, the petitioner filed a return showing such loss at Rs. 2,808 in pursuance of a notice, dated 25th January, 1967, issued under Section 148 of the said Act. It was also the case of the petitioner that the 1TO, Central Circle XXII, completed the assessment for the year in question on 24th March, 1971, under Section 143(3)/148 of the said Act, and determined the total income at Rs. 27,029.;
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