C I T Vs. LUXCO ELECTRONICS

JUDGEMENT

(1.) THE main question involved in this reference is, 'Whether in case, where two heads as contemplated in Explanation-1 to section 153 (Section 153 explanation-1) of the Income Tax Act, 1961 (the Act) are present for excluding the time spent during the period mentioned therein, then can the benefit of both or only of one of them be availed of ?'. THE FACTS

(2.) M/s Luxco Electronics, Allahabad (the Assessee) manufactures and sells loudspeaker and its electronic components. It filed its return for the assessment year (AY) 1979-80 on 29.8.1979 before the Income Tax Officer, A Ward, SIC Allahabad (the ITO). He was the assessing officer for the Assessee.

(3.) THEREAFTER, as the variation on the income was to exceed more than one lakh of rupees {the amount fixed by the Board under Section 144 B(1) of the Act}, a draft order was prepared on 26.8.1982 and was served on the Assessee on 27.8.1982.