1. The question in this case arises as to the assessment of income-tax on the petitioner for the assessment year 1946-47.

The petitioner is a private limited company called Messrs. Chunilal Ticamchand Coal Company carrying on business of coal mining . at Kusunda in the district of Manbhum. The shares of the company are held by the members of the two Hindu undivided families of Ticamchand Chaudhury and Baijnath Gopalka. The accounting year in this case is Bengali Samvat 1352 which corresponds to the period from 14-4-1945 to 13-4-1946. For this year the petitioner showed a sum of Rs. 27,917 in his return. But this return was not accepted by the Income-tax Officer who increased the assessable income of the petitioner to a sum of RS. 49,779. On appeal the amount was reduced by the Appellate Commissioner to a sum of Rs. 29,360. The matter was taken in further appeal to the Income-tax Appellate Tribunal who reduced the assessable income to the figure of Rs. 25,360; in ether. words, the Income-tax Appellate Tribunal practically accepted the figures given by the petitioner in his return except for minor details.

In January 1947 the Income-tax Officer received information that the a