JUDGMENT

SARKARIA, J. :—This appeal on certificate is directed against an appellate judgment, dated August 5, 1969, of a Bench of the High Court of Allahabad. It arises as follows:

2. M/s. S.B. Singhar Singh and Sons (hereinafter called the assessee) were assessed to Excess Profits Tax for the chargeable accounting periods, ending March 31, 1945 and March 31, 1946, under two assessment orders, dated August 26, 1949. The previous years 1936-37 was chosen by the assessee as his "standard period." The profits of that year were Rs. 38,703/-. After deducting the profits of the standard year, the Excess Profit Tax Officer, assessed the tax on the remaining amounts of profits. The Excess Profits Tax thus assessed for the accounting years, was to the tune of Rs. 1,06,181.5 and Rs. 48,978/-, respectively. In his orders, the assessing Officer said that "for reasons detailed in the earlier assessment orders no adjustments are made for capital variations in the standard period and the chargeable accounting period". These reasons as given in the earlier assessment order, dated October 30, 1947, pertaining to the chargeable accounting period ending March 31, 1944, were:

"As complete and regular ac