Scaife Co. v. Commissioner, 314 U.S. 459 (1941)

Scaife Company v. Commissioner of Internal Revenue


No. 57


Argued December 11, 1941
Decided December 22, 1941
314 U.S. 459

CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE THIRD CIRCUIT

Syllabus

1. By the terms of the capital stock tax provisions of the Revenue Act of 1935, an erroneous valuation of its capital stock made by a corporation in its "first return" cannot be corrected by an amended return filed more than 30 days after the statutory due date and within the 60 days period for which an extension might have been had under the statute and the Treasury Regulations, but where no such extension was applied for or granted. P. 461.

2. In view of the express command of the statute, relief against such a mistake cannot be granted by a court of equity. P. 462.

117 F.2d 572 affirmed.

Certiorari, 313 U.S. 557, to review a judgment sustaining a decision of the Board of Tax Appeals, 41 B.T.A. 278, declining to redetermine an excess profits tax.