1993 (10) TMI 23

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....he assessment year 1978-79, inter alia, disclosing a capital gain arising out of the sale of a property No. 18, Tilak Marg, New Delhi. This property was sold on November 7, 1977, for a total consideration of Rs. 27,65,827. Out of this amount a sum of Rs. 22,65,827 was paid to the Land and Development Office as its share of unearned increase and a sum of Rs.5,03,149 was invested in the prescribed s....

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....hree questions to this court : "(i) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in annulling the reassessment order dated March 23, 1989, on the ground that there was no failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment and as such notice under section 148 was invalid ? (i....

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....at the Supreme Court had ordered refund of the aforesaid amount by stating that it was to be regarded as an ex gratia payment. It was observed by the Tribunal that the answer to the second question was concluded by the orders of the Supreme Court and the first question also could not be referred because the answer to the same was academic. It is contended by learned counsel for the petitioner t....

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....s a precedent in any other case. This payment was made by way of full and final settlement between the parties. We find ourselves in agreement with the Tribunal that no question of law arises and in any case the answer to the same is self-evident. It is not in dispute that when the return was filed on June 29, 1978, the amount of capital gains arising out of the sale of the house had been corre....