Law: Income Tax Act, 1922

Section: 3,3C

[Income Tax Act, 1922 (XI of 1922)].......Section 3C, read with Fifth Schedule to Income Tax Act and Boards Circular Instructions Nos. 63(211)-IT-IV/76, dated 14-7-1976 and 27-8-1976-Undis closed income-Normal assessment-Company Directors of company declaring undisclosed income-Assessment of company whether should be made on the basis of return with addition of certain expenses claimed in trading and profit and loss account found inadmissible under the law-Held yes. B. Income Tax (Declaration of Undisclosed Income) Rules 1976, read with Boards Circular Instructions No. 63(211)-IT-IV/76, dated 14-7-1976-Rules made by Central Board of Revenue by virtue of Rule 7 of the Fifth Schedule to the Income Tax Act--Rule 3 of the Rules defining the meaning of "income charged to tax" for the purpose of declaration of undisclosed income under the Schedule-Rule 7 of the Schedule empowering the Central Board of Revenue to issue orders, instructions and directions to give eject to the provisions of the said Schedule-Central Board of Revenues Circular Instructions amplifying and specifically defining the term "income chargeable to tax"-Whether ultravires the provisions of Rule 3 of the Fifth Schedule -Held no. JUDGMENT [The Order was passed by MUHAMMAD MAZHAIL ALI, Judicial Member]-These are cross appeals arising from the order of the Appellate AssistantCon1missioner..... Range ......... dated 30th August, 1977 in respect of assessment year 1914-75. 2. The brief facts giving rise to these appeals are as under: The assessee is a private limited company." The relevant accounting year for the assessment year under appeal ended on 30th June, 1974. It filed a return showing a loss of Rs. 144820 without any statement of accounts. The ITO, however, made him to file the statement of accounts consisting of trading and profit and loss account as well as a balance-sheet. All statements of accounts and balance sheet were unaudited. Later 011, the books of accounts consisting of cash-book ledger journal, production sheets and vouchers were also produced. The assessee carried on the business in two sections one for manufacture of Chipboard and other for the manufacturing of Float bridges and…

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