Settlement-led disposal left prosecutorial competence open, and the impugned judgment was expressly denied precedential value.

The Special Leave Petition was disposed of after the Revenue and the assessee recorded a settlement. The Supreme Court left open, for consideration in an appropriate case, the question whether prosecution could be validly initiated. It also directed that the impugned judgment should not be treated as a precedent, limiting its use to the facts of that matter and preventing wider reliance on it.

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Outcome: The Special Leave Petition was disposed of after noting the settlement between the Revenue and the assessee, with the question of competence to initiate prosecution left open for consideration in an appropriate case and the impugned judgment directed not to be treated as a precedent.

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