TaxTMI 
TaxTMI 
2004 (9) TMI 69
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....tion declaring the provisions of section 245G of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), as null, void, unconstitutional and inoperative and other consequential reliefs. Briefly stated, the facts giving rise to the present writ petition are as follows: Petitioner No. 1 is a registered firm engaged in the business of purchase and sale of utensils. It consists of three partners. Petitioner No. 2 is one of the partners of petitioner No. 1. On August 30/31, 1988, a search was conducted under section 132 of the Act in the business and residential premises of petitioner No. 1 and its partners. Certain cash, jewellery and stock of utensils were found. Part of the cash found was also seized. Apart from it, 21 loose papers....
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....lication under section 245C of the Act was filed on April 9,1992. The Assistant Commissioner of Income-tax, vide order dated March 16, 1993, had passed an assessment order for the assessment year 1989-90 assessing the net income at Rs. 13,13,830. The status of petitioner No. 1 has been taken as unregistered firm. Against the order dated March 16, 1993, the petitioner has preferred a revision under section 264 of the Act before the Commissioner of Income-tax, which has been dismissed. The assessing authority has also initiated proceeding for imposition of penalty under section 271(1)(b) and (c) of the Act to which the reply has been submitted. However, vide order dated September 29, 1993, penalty of Rs. 7 lakhs has been imposed against which....
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....sad and Fatechand Nursing Das v. Settlement Commission (IT and WT) [1989] 176 ITR 169 (SC); (2) Bhaskar Upadhaya v. State of U.P. [1990] AWC 948 (All); and (3) Managing Director, Electronic Corporation of India Ltd. v. B. Karunakar [1994] 84 FJR 210 (SC); AIR 1994 SC 1074. He further submitted that the findings recorded by the Settlement Commission that it was only after being confronted with incontrovertible evidence connecting the loose paper sheets to the petitioners, that they came forward with this settlement application with the sole objective of escaping the penal consequences, is based on pure surmises and conjectures. He further submitted that in the impugned order the Settlement Commission has relied upon the decision of the ap....
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....been caused to the petitioners by not providing them with the copy of the report. At the outset, it may be mentioned here that learned counsel has not advanced any argument regarding the validity of section 245G of the Act and, therefore, the court is not called upon to go into that question. Having heard learned counsel for the parties, we find that the notice under section 148 was issued to petitioner No. 1 on February 4, 1991. Thereafter on examination of the seized documents, a detailed show-cause notice proposing various additions on the basis of the loose papers was issued. Detailed reasons were given in the show-cause notice and when the petitioner was cornered, he had approached the Settlement Commission. Thus, the finding recorde....