Manchanda, J. - (1.) This is a case stated under Section 21 of the Excess Profits Tax Act 'hereinafter referred to as the Act' read with Section 66(1) of the IT. Act.
(2.) The questions that have been referred are1. Whether on the facts and in the circumstances 01 this case the Excess profits tax officer was right in Holding that the provisions of Section 8(8) were applicable in this case? 2. Whether an appeal challenging the validity of the application of the provisions of Section 8{8) by the excess profits tax officer would lie to the Board of Referees and not to the Appellate Assistant Commissioner?
(3.) The facts leading up to this petition are these4. The assessee is a public limited company which was incorporated on 17-5-1943, the business having commenced on 10-10-1943. The assessee took over three businesses which were hitherto run by partnership firms. The first business taken over was that of the managing agency of J. K. Cotton Manufactures Ltd. Kanpur from Messrs. Juggilal Kamlapat on 1-10-1943. The second business taken over was also of managing agency of J,K. Iron and Steel company limited, Kanpur on 1-11-1943 from another firm known as J.K. Managing Agents. The third business taken over was the selling agency of Messrs. J. K. Cotton Spinning and Weaving Mills Co. Ltd., on 25-3-1944 from a firm carrying on business in the name and style of Hari shanker Gopal Hari. In the partnership firms S. M. Bashir "and S. D Garg were partners and Shital Prasad was an employee in the firm of Juggilal Kamlapat.;