1982 (4) TMI 137

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....respectively, dated 28-11-1978, 29-11-1978, 2-12-1978 and 25-11-1978, have been consolidated, heard together and are being disposed of by a common order for the sake of convenience. The years of assessments involved in these appeals are 1972-73 in the case of the assessee, Shri R.D. Chadha, 1975-76 in the case of the assessee, Shri Y.D. Sehgal, 1976-77 in the case of the assessee, Shri S.N. Sikka, and 1975-76 in the case of the assessee, Shri P.C. Sachdev for which the respective previous years ended 31-3-1972, 31-3-1975, 31-3-1976 and 31-3-1975. 2. The assessees are the employees of the Food Corporation ofIndia, a public sector undertaking of the Central Government. The assessees were working in different departments of the Government o....

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....ification orders under section 154 wherein it was held that the entire value of the commuted pension and the terminal benefit paid to each of the assessees was exempt from inclusion in their respective total incomes. 4. Later on, the Commissioners concerned being satisfied that the aforesaid orders passed by the ITO under section 154 were erroneous in so far as they were prejudicial to the interests of the revenue, issued show cause notices to the assessees as to why the said orders be not revised under section 263. After cause was shown and the assessees concerned were heard, the Commissioners passed the respective orders under section 263, wherein it was held that the orders of the ITO under section 154 were clearly erroneous and preju....