INDIA UNITED MILLS LTD. vs COMMISSIONER OF EXCESS PROFITSTAX, BOMBAY.

The Supreme Court interpreted the term 'discovers' in Section 15 of the Excess Profits Tax Act, 1940, to encompass facts that may arise after the relevant accounting period, not just those existing during it. The Court upheld the reassessment of the assessee by the Excess Profits Tax Officer, as it was found that the buildings, plant, and machinery were still in use post-war, contrary to the initial representation made for allowance under Section 26(3). Thus, the Court confirmed the authority of the tax officer to reassess based on new findings.