Law: Income Tax Act, 1922

Section: 13,33(4)(f),10,12

(a) Income-tax Act (XI of 1922)----Ss. 33 (4)(f) & 13-Appeal to Appellate Tribunal-Powers of Appellate Tribunal detailed-Appellate Tribunal has same power in appeal, in respect of rejection or accepting accounts of assessee as Income-tax Officer has---Appellate Tribunal carp take view of accounts quite different from one which I.-T. O. has taken-Appellate Tribunal if satisfied, not bound by any restrictions in respect of its powers for interfering with orders of I.-T. O.-Satisfaction of Appel9:cte Tribunal cannot be arbitrary arid has to be reasonable. (b) Income tax Act (XI of 1922)-- --- S. 13-Income-tax Officer not mentioning any defect in accounts of assessee-Assumption that accounts were found to be correct. (c) Income-tax Act (XI of 1922)-- ---Ss. 13, 10 & 12-Income, profits and gain to be computed for purposes of Ss. 10 & 12 in accordance with method of accounting regularly employed by assessee I.-T.O. wanting to reject accounts of assessee has to find as a question of fact that method of accounting of assessee in relevant year was not same as regularly employed by assessee during previous year Income-tax Officer not recording finding that method of accounting for relevant year was not same as employed by assessee during previous years--Appellate Tribunal justified in entertaining question of law that accounts could not be rejected by Income-tax Officer. (1961) 42 I T R 370 fol. (d) Income-tax Act (XI of 1922)--- -- S. 13--Rejection of accounts by I-T.O--I-T.O. finding that method employed was such that in his opinion income, profits and gain could not properly be deduced therefrom, can compute same in such manner as he may determine provided reasons for same are recorded by I.-T. O.-Merely reduction of gross profit for a particular year cannot justify rejection of accounts which were regularly maintained and in which no defect was found. (e) Income-tax Act (XI of 1922)-- -- S. 13-Rejection of account of assessee by Income-tax Officer--­Accounts maintained by assessee as had been maintained during previous years I.-T. O. rejecting account merely because either he had no time to go into details or he got upset by idea that others have shown…

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