LAWS(PAT)-1985-5-16

GURU PRASAD Vs. COMMISSIONER OF INCOME TAX

Decided On May 14, 1985
GURU PRASAD, Appellant
V/S
COMMISSIONER OF INCOME-TAX Respondents

JUDGEMENT

(1.) ALL these six taxation cases are being disposed of by this consolidated order for the sake of convenience and also because they are interconnected in view of the order of the Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal").

(2.) LET us first take up Taxation Cases Nos. 17 of 1972 and 44 of 1975, as both relate to the same assessee, Guru Prasad.

(3.) THE Appellate Assistant Commissioner quoted the terms of the settlement and then came to a finding that as the amount of Rs. 2,98,000 of the assessee was clearly covered under the terms of the settlement referred to above, nothing was required to be done with regard to the proceeds of the encashment of high denomination notes to the tune of Rs. 4,69,000 including the amount of Rs. 2,98,000 of the assessee which was already assessed to tax in the assessment year 1947-48. THE Appellate Assistant Commissioner held that it was not open to the assessee to agitate or reopen any issue which formed part of the settlement in view of Section 34(1B) of the 1922 Act. A copy of the order of the Appellate Assistant Commissioner has been annexed in Taxation Case No. 17 of 1972 and marked as annexure "B" forming part of the statement of the case.