1997 (4) TMI 18

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....come-tax Act, 1961 (hereinafter referred to as "the Act"), is directed against the judgment of the said High Court (see [1980] 122 ITR 735), dated January 16, 1979, in I. T. R. No. 25 of 1970. The facts briefly stated are as follows : During the course of a raid by the customs authorities cash amount of Rs. 47,000 was found in the locker standing in the name of the assessee with the Punjab N....

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....spect of the assessment year 1958-59 and on reassessment he redetermined the income of the assessee for that year at Rs. 57,085 which included the sum of Rs. 47,000. The Appellate Assistant Commissioner upheld the contention of the assessee that section 147(a) could not be invoked in this case since all the materials were originally made available to the Income-tax Officer. The Appellate Assistant....

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.... Income-tax Act, 1961, was not applicable ?" Agreeing with the Tribunal, the High Court has held that section 297(2)(d)(ii) of the Act was not applicable since the order of the Tribunal was passed under the provisions of the Indian Income-tax Act, 1922, and that Explanation 2 to section 153(3) could not be pressed into service. The said view of the High Court is no longer good law in view of th....