CHUNNILAL ONKARMAL PRVATE LIMITED Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THIS is a petition under arts. 226 and 227 of the Constitution.

(2.) THE material facts, as set out in the petition, briefly are as follows :

(3.) FOR the assessment year 1973-74, relevant to the previous year in which the consent decree was passed as aforesaid, the petitioner filed its return on August 15, 1973, wherein it offered the entire income of its share. In the course of the assessment proceedings, enquiries were made by the ITO regarding the circumstances leading to the termination of the sole selling agency agreement, the dissolution of the firm, the litigation in the court, the consent decree passed and whether the income had accrued to the partners individually or to the dissolved firm. These queries were answered by the petitioner in the course of hearing and all necessary material and documents bearing on the said queries were placed before the ITO.