( 1 ) THIS appeal by the Revenue impugns the judgment of the High Court quashing the orders dated 30-1-1978 and 8-3-1983 made respectively by the inspecting Assistant Commissioner of Income Tax and the Income Tax appellate Tribunal, and directing refund of a sum of Rs 32,85,964 to the respondent assessee.

( 2 ) THE assessee was issued notices by the Income Tax Officer under section 11 of the Business Profits Tax Act, 1947 (for short "the Act") and called upon to "furnish returns thereunder in respect of the chargeable accounting periods ending on 31-12-1946, 31-12-1947, 31-12-1948 and 31-3-1949. Such returns were filed by the assessee on 31-3-1949 and provisional assessments under Section 13 of the Act were completed on different dates between 27-12-1948 to 22-1-1951 by the Assessing Officer. On 30-12-1969, the regular assessments under Section 12 of the Act were completed in respect of the aforesaid three chargeable accounting periods. The respondent assessee filed appeals before the Income Tax Appellate tribunal (for short "the Tribunal") impugning the regular assessment orders on various grounds including the ground that the regular assessment orders were barred by time. The Tribunal accepted the said contention and quashed the regular assessment orders. A reference made to the High Court at the instance of the Revenue failed, the High Court holding in favour of the assessee on this issue.

( 3 ) ON 4-1-1978 and 31-1-1978 (even before the High Court had disposed of the reference made at the instance of the Revenue), the respondent assessee by its applications claimed refund of the tax paid by it under the provisional assessment orders. This claim for refund was rejected by the assessing Officer who took the view that there was no question of merger of the provisional assessment with the regular assessment and that even if the regular assessment orders were quashed, the provisional assessment order would stand independently. This view was upheld by the Commissioner of income Tax (Appeals) as also by an order dated 8-3-1983 made by the income Tax Appellate Tribunal. The assessee impugned the orders of the tribunal and the Inspecting Assistant Commissioner of Income Tax by way of a petition before the High Court and sought a writ of mandamus to direct the Revenue Authorities to refund the amounts which had been paid as a result of the provisional assessment orders. The writ petition was allowed and resulted in the impugned order which is challenged in this appeal.

( 4 ) THE learned counsel for the Revenue contended that the very basis on which the regular assessment orders were quashed was that the refund applications, which could have been made by the assessee, had become time- barred. Our attention was invited to the judgment of the Allahabad High court reported in CIT v. British India Corpn. in the assessees case itself. The High Court following the law laid down by this Court in CIT v. Narsee nagsee and Co. held, that although the provisions of the Business Profits Tax act, 1947 contained no period of limitation within which the regular assessment had to be made under Section 12 of the said Act, such a period of limitation must be read into the provisions of the Act on account of the prescription under Rule 4-A of the Business Profits Tax Rules which applied section 50 of the Income Tax Act, 1922 mutatis mutandis to assessments under the Act. Under Section 50 of the said 1922 Act, no claim to any refund of tax under the Act shall be allowed unless made within four years from the last date of the financial year commencing next after the expiry of the accounting period which constitutes or includes the chargeable accounting period in respect of which the claim to such refund arises. In Narsee Nagsee case2 it was held by this Court that this modified Section 50 furnishes a key as to when a notice under Section 11 (1) of the Act has to be given and that such notice must be given within the financial year which commences next af