1994 (2) TMI 25

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....DANI J.---The petitioner seeks to challenge the order dated October 12, 1992, passed by the Commissioner of Income-tax, Surat, dismissing three revision petitions filed by the petitioner-assessee against the assessment orders for the assessment years 1985-86 to 1987-88, and rejecting the petitioner's claim for additional depreciation and investment allowance on the cash subsidy portion of the cost....

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....he assessment years 1985-86 and 1986-87 disclosing income at Rs. 27,06,786 and Rs. 13,80,979, respectively. In the reassessment orders for these two years passed on September 30, 1990, the Assessing Officer computed the petitioner's income at Rs. 30,83,940 and Rs. 37,96,373, respectively. For the assessment year 1987-88, the petitioner had filed a return of income on July 7, 1988, disclosing total....

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....come had been repeatedly admitted by the assessee during the search and seizure operations, I decline to interfere with the assessment orders passed by the Assessing Officer and, accordingly, the assessee fails to get any relief in the three revision petitions filed. " It will thus, be seen that the Commissioner of Income-tax did not examine the contentions raised by the petitioner in the revis....

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....isional authority must act according to the rules of reason and justice and not according to whim or caprice. The revisional power is coupled with a duty to exercise it in the interest of justice to the parties. The revisional authority, therefore, ought to have considered the contentions which were raised by the petitioner on the merits and ought not to have refused to exercise its revisional jur....