COMMISSIONER OF INCOME TAX Vs. YOUNUS KUNJU

JUDGEMENT

(1.) Facts:

(2.) Younskunju of Youns Cashew Industries, Kollam, is an income tax assessee. For the assessment year 1985-86, he filed the Return of Income on 31. 09. 1986, declaring a total income of Rs. 93,960/-. The Assessment Officer ("AO") completed the assessment on 28. 03. 1988 under section 143(3) of the Income Tax Act ("the Act"). He arrived at a total income of Rs. 47,43,890/- and demanded, through Annexure A, tax of Rs. 1,39,71595/-, which included interest, too.

(3.) On appeal, the Commissioner of Income Tax ("CIT(A)"), through his order dt. 24. 11. 1988, set aside the Annexure A order. Under section 143(3), read with sections 250 & 144 A, the CIT(A) arrived at a total income of Rs. 62,48,680/-. Meanwhile, on 28. 08. 1989, the assessee applied under section 245C of the Act before the Additional Bench of the Income Tax Settlement Commission, Chennai. On 29. 06. 1993 the Settlement Commission passed an order under section 245D (4) of the Act; it was given effect to by the AO through his proceedings, dated 2 08. 199 He redetermined the total income at Rs. 15,52,220/-.