RUSSEL L W Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference by the Income-tax Appellate Tribunal, Madras Bench, under section 66 (1) of the Indian Income-tax Act, 1922. The assessment year concerned is 1957-58, and the accounting period, the twelve months ended on the 31st December, 1956.

(2.) THE assessee is a public limited company doing business in printing and paper. For the assessment year in question, the assessee filed a return showing an income of Rs. 2,016. Along with the return, the assessee also produced the printed balance-sheet as at the 31st December, 1956, and the profit and loss account for the twelve months ended on that date.

(3.) THE assessee disputed the right of the Income-tax Officer to invoke section 34 (1) (b) of the Act in his appeal before the Appellate Assistant Commissioner and the Appellate Tribunal, but without success. A reference to this court was then sought and the application in that behalf was allowed by the Tribunal.