1991 (1) TMI 123

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....976 (hereinafter the "Act"), treating him as an affected person under section 2(2)(b) thereof in relation to three items of properties including one immovable and two movables. All the items were subsequently forfeited by the Competent Authority, vide order dated November 30, 1989. Vijay Sankar Singh assailed the order of the Competent Authority in F. P. A. No. 2 (Cal) of 1990 which was disposed of by this Tribunal, vide order dated September 25, 1990. It is in relation to this order that Vijay Sankar Singh has filed a review petition, Miscellaneous Petition No. 50 (Cal) of 1990, wherein the prayer made is that he may be allowed an opportunity to file documentary evidence regarding initial capital of Rs. 5,000 and, thereafter, an order may ....

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....capital of Rs. 5,000 which he may now be allowed to place on the file by allowing review of the earlier order. Reliance has been placed on section 20 of the Act. Section 20 of the Act reads : "With a view to rectifying any mistake apparent from the record, the Competent Authority or the Appellate Tribunal, as the case may be, may amend any order made by it within a period of one year from the date of the order : Provided that if any such amendment is likely to affect any person prejudicially, it shall not be made without giving to such person a reasonable opportunity of being heard." Learned counsel for the petitioner has conceded that the order of the Tribunal dated September 25, 1990, is correct on the basis of the existing evidence ....

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....us to his own personal efforts, business acumen and labour. We find merit in this contention. If a personal balance-sheet of the appellant is drawn up as on March 31, 1988, it will show on the assets side two items, namely, capital balance in the firm, Messrs. Sharma Brothers, Rs. 39,421 and an immovable property comprising land purchased for Rs. 1,200 from the court liquidator. On the liabilities side, there will be only capital of Rs. 40,621. The question for decision is to what extent the two assets could be attributed to the unexplained initial capital of Rs. 5,000. In so far as the land of Rs. 1,200 is concerned, we are inclined to hold that it is not attributable to the unexplained initial capital of Rs. 5,000. In so doing, we have ke....