OKAYTI TEA CO LTD Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) M/s. Okayti Tea Company Limited, the appellant, filed its return under the Income-tax Act, 1961, for the assessment year 1971-72, the accounting year ending on December 31, 1970, on February 26, 1974. Notices were served thereafter by the Income-tax Officer under Sections 143(2) and 142(1) of the Act and the date of hearing was fixed on March 11, 1974.

(2.) On March 11, 1974, the assessee did not appear at the hearing and the Income-tax Officer made an assessment under Section 144 of the Act. The Revenue deficit claimed by the assessee was disallowed to the extent of Rs. 1,25,000. The business loss was assessed at Rs. 33,680 of which 40% was allowed. Taking into account income from other sources, tax was charged on income computed at Rs. 65,442.

(3.) The appellant made an application under Section 146 of the Income-tax Act, 1961, for setting aside of the said ex parte assessment order which was rejected by the Income-tax Officer.