Law: Income Tax Act, 1922

Section: 23,23(3),FifthSched.

Income tax Act (XI of 1922)---S. 23(3), Fifth Sched., para. 1, (S. 3(c)) C. B. R. Circular No.63 (211) IT IV/76, dated 14th July 1976 para. 19 Assessment Undisclosed income- Income charged and, income chargeable.¬ Meanings Undisclosed income of a person, means all income, profits and gains of any previous year or year ending before first day of July, 1975 which were chargeable to tax but were not so charged Any assessment relating to charge year 1976 77, held was beyond scope of undisclosed incomes as defined in para. 1 of the Fifth Sched., (S. 3(c)) Only those assessments were to be finalized in accordance with para. 19 of the Circular dated 14th July, 1976 where previous year or years ended on 30th September, 1975. ORDER SIKANDAR HAYAT KHAN (MEMBER). This departmental appeal against the impugned orders of the learned Appellate Assistant Commissioner contained in Appeal No. 326, dated 10th May, 1980 relates to the assess ment year 1976 77. The solitary objection of the department is that the learned Appellate Assistant Commissioner was not justified setting aside the impugned assessment with a direction to frame it on the basis of pro rata basis as the respondent had filed a declaration of excess income under section 3(c) of the repealed Income tax, Act, 1922. It was stated that the said section only covered the assessments upto the charge year 1975 76 and not any part of the assessment year 1976 77. Consequently a prayer has been made that the order of the learned Appellate Assistant Commissioner may be vacated and that of the Income tax Officer be restored. 2. The respondent namely Messrs C,,,S,,..T,,,M,,,Ltd. is a public limited company. Its assessment for the period ending 30th September, 1975 relevant to the assessment year 1976 77 was finalized on a net income of Rs 63,88,561 under subsection (3) of section 23 of the repealed Income tax Act, .1.922. The respondent having felt aggrieved against the impugned assessment filed an appeal before the learned Appellate Assistant Commissioner who by virtue of Order No. 326, dated 10th May, 1980 set it aside. In this connection relevant portion of the appellate order is set out below: "Furthermore, the declaration…

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