Sabyasachi Mukharji, J. - (1.) These appeals by certificate granted by the High Court of Allahabad under S. 66A (2) of the Indian Income-tax Act, 1922, arise out of judgment delivered and order passed on 3rd January, 1973 by the High Court of Allahabad in Income-tax Reference No. 450 of 1969. The following question of law had been referred to the High Court for consideration under Sec. 66 (1) of the Income-tax Act, 1922 by the Appellate Tribunal, Allahabad Bench, Allahabad."Whether, on the facts and in the circumstances of the case, valid assessments could be made on 31st May, 1962, for the assessment years 1948-49 and 1949-50 on the basis of voluntary returns of income filed under Section 22 (1) of the Indian Income-tax Act, 1922 on 18-11-1950 -
(2.) The matter came up before a Division Bench of the High Court and as there was a previous bench decision of that Court in the case of Sool Chand Ram Sewak v. Commr. of Income-tax U. P. (1969) 73 ITR 466, which supported the revenue's case and as the division bench before whom this case came was unable to accept that view, the division bench referred the case to a larger Bench. This reference thereafter came before a Full Bench consisting of Gulati, H. N. Seth and C. S. P. Singh, JJ. Gulati and C. S. P. Singh, JJ. answered the question in the affirmative in favour of the revenue and against the assessee. Seth J., however, was in favour of asseasee. In view of the majority the question was answered in favour of the revenue and in affirmative.
(3.) Before we deal with the question in controversy, it will be necessary to note some of the relevant facts. There were originally four appeals for the assessment years 1946-47, 1947-48, 1948-49 and 1949-50. As the appeals for the assessment years 1946-47 and 1947-48 were withdrawn by the revenue, we are now concerned with appeals for the assessment years 1948-49 and 1949-50.;