Law:

Section:

Section 155 (Corresponding to section 35 of Indian Income-tax Act, 1922), read with section 297 of Income-tax Act, 1961 - Rectification of mistakes - Other amendments - Assessment years 1958-59 to 1960-61 - Pursuant to AAC's orders ITO revised assessments of firms on basis that they were registered firms and after recalculating tax, allowed refund of excess to firms and also apportioned income of firms between appellants who were partners - ITO issued notices under section 155 of 1961 Act to rectify individual assessments of appellants - High Court dismissed writ petitions raising a number of contentions - Whether when proceedings are taken for rectification of assessment to tax either under section 35(1) or section 35(5) of 1922, those proceedings must be held to be proceedings for assessment - Held, yes - Whether ITO's orders under section 35(1) rectifying firm's assessments were all orders altering assessment orders made in proceedings for assessment of firm while under impugned notices ITO was proposing to rectify orders made for computation of income and imposition of tax under charging section in case of individual partners, and, therefore, in these cases section 297(2)(a) of 1961 Act permitted ITO to proceed in accordance with provisions of Act of 1922, and he was entitled to take action under section 35(5) of 1922 Act on basis of rectification made in firm's assessments under section 35(1) - Held, yes - Whether when ITO passed orders and apportioned income of firms between various partners, orders which he made were clearly orders in proceedings for assessment and it was in order to give effect to these orders in individual assessment of partners that impugned notices were issued and therefore first condition precedent that proceedings under section 35(5) of 1922, Act are to be taken on basis of information derived from orders of assessment or re-assessment of firm was clearly satisfied - Held, yes - Whether when assessments of unregistered firm were set aside, individual partners ceased to be entitled to benefit of section 14(2)(a) of 1922 Act and section 16(1)(a) of 1922 Act also became in applicable - Held, yes - Whether what was required to be done…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492