1990 (8) TMI 209

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....loyed with M/s. Godrej & Boyce Mfg. Co. (P.) Ltd. This company had a superannuation scheme which had been approved by the Commissioner of Income-tax. However, the company with the approval of the Commissioner dated 12-12-1983 wound up the scheme. Consequently, in the previous year ended 31-3-1984, corresponding to the assessment year 1984-85, the assessee was entitled to receive a sum of Rs. 1,04,....

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....er of the Appellate Tribunal in the case of G.B. Menon [IT Appeal No. 3363 (Bom.) of 1979]. 3. The assessee is, therefore, in appeal to contend that inasmuch as the order of assessment was in conformity with the order of the Tribunal in a similar case which had become final, it could not be considered to be erroneous in law. On the other hand, it was contended on behalf of the revenue that the ....

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.... this argument does not stand to reason because the object of the superannuation fund is to provide a terminal benefit which is free of tax and it cannot be said that it will become taxable merely because the payment is accelerated with the approval of the Commissioner of Income-tax. The very exemption under section 17(3) has been made only on the understanding that these amounts are not of income....

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....port Co. (P.) Ltd. in identical circumstances where the order of the Tribunal had become final. When section 263 enables the Commissioner of Income-tax to revise the orders of the Income-tax Officer, it confers a discretionary power which has to be exercised reasonably. It is implicit in the concept of judicial discretion that it includes a duty to be impartial and not to discriminate on unaccepta....