Gupta and H.K. Dutt for the Appellants.
Dr. V. Gauri Shankar, S.C. Manchanda, Ms. A. Subhashini and S. Rajappa for the Respondents.
The Judgment of the Court was delivered by RANGANATHAN, J. The appellants are all electric supply undertakings situated in various parts of the companyntry.
All the appeals relate to the assessment year 1962 63 or later.
The Income tax Act, 1961 came into force on 1.4.1962.
The validity of these rectifications was upheld.
In Habib Hussein v. C.I.T., 196348 ITR 859 Bom the asset in question had been acquired in the previous year relevant to the assessment year 1950 51.
The assessee had acquired the asset under an agreement dated 4.6.48.
But that agreement had been revised on 10.7.50 after the close of the relevant previous year .
From the Order dated 27.8.1976 of the Allahabad High Court in I.T.R. No.
1861 of 1977 Etc.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
Dr Debi Prasad Pal, S.D. Dastur, T.A. Ramachandran, D.P Mukherjee, Ms. Priya Hingorani, C.N. Mistry, Mrs. A.K. Verma, D.N. Misra, V. Dholakia, R. Ayyam Peruman, P.D. Pardiwala, Dushyant Dave, R.N. Karanjawala, Ms. Manik Karanjawala, Ms. V.S. Rekha, Sajai Singh, Ms. Janaki Ramachandran, Kailash Pd.
271 of 1973.
