PADMA RAM BHARALI Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Tribunal, Gauhati Bench, has referred the following question of law to the High Court under s. 256(1) of the IT Act, 1961 (hereinafter referred to as "the Act") :

(2.) THE following facts appear from the statement of the case and the Tribunal's order. The assessee which is an HUF submitted its return of income on December 13, 1968, for the asst. yr. 1968 -69, showing a total income of Rs. 66,369. On February 2, 1970, a revised return was submitted showing the income of Rs. 1,61,607. Before the ITO the following four reasons were submitted by the assessee for submission of the revised return:

(3.) THE ITO, after hearing the assessee, assessed the income of the assessee from various sources. The assessee had shown net profit, as per the audited profit and loss account, at Rs. 1,38,438. The ITO after allowing depreciation assessed the net business income at Rs.1,32,541. He also assessed the income from house property at Rs. 12,802 and the income from other sources at Rs. 16,579. Thus, the ITO assessed the total income at Rs. 1,61,922.