PRINCES USHA TRUST Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) A .M. SAPRE, J. : By this petition, filed under Arts. 226 and 227 of Constitution of India the petitioner, an assessee under the IT Act, claims following reliefs for the asst. yrs. 1973 -74 and 1974 -75 :

(2.) IN short the petitioner claimed that the demand of interest made by ITO amounting to Rs. 1,04,471 for the year 1973 -74 and Rs. 2,56,623 for the asst. year 1974 -75 be either deleted or it be adjusted against the huge refund which he has to claim from the Department in estate duty case under the ED Act (since repealed) wherein the petitioner was assessed as an accountable person in the case of one deceased -H.H. Maharaja Yashwant Rao Holkar.

(3.) IT is after the decision of reference, the petitioner instead of persuing the matter further to Supreme Court filed the present petition and prayed the same relief which they were claiming in reference proceedings. During pendency of petition, the petitioner sought time to make an application to concern AO praying the same relief. However, this application was rejected by AO vide its intimation dt. 6th May, 1999 (Annexure -A) to the return filed by Department.