(1.) : The accounting year of the firm, Shanta Electrical Industries which has been supplying electrical goods mainly to the Railways, ended for the year relevant to the asst. yr. 1974-75, on May 31, 1973.
(2.) IT had 14 (13?) months at its disposal up to July 31, 1974 (30-6- 74?) to file its return for this year. This was not done, nor any application seeking extension of time was moved. The return was filed on May 28, 1975, and the income assessed has been around Rs. 1, 34,000.