LAWS(CAL)-1982-7-41

COMMISSIONER OF INCOME TAX Vs. INCHECK TYRES LTD

Decided On July 13, 1982
COMMISSIONER OF INCOME-TAX Appellant
V/S
INCHECK TYRES LTD Respondents

JUDGEMENT

(1.) The Tribunal has referred the following question of law to this court under Section 256(2) of the I.T. Act, 1961 :

(2.) The assessee, M/s. Incheck Tyres Ltd., is engaged in the business of manufacture of tyres. The relevant previous year of the assessee ended on 30th June, 1964, corresponding to the assessment year 1965-66.

(3.) The assessee-company had been incorporated on April 1, 1960. In the proceedings for assessment to tax for the accounting year relevant to the assessment year 1965-66, the ITO added Rs. 3,03,000 for the following reasons: