LOKENDRASINGH Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THIS order shall govern disposal of Miscellaneous Petition No. 13/1979 also as the genesis of both these petitions is the same.

(2.) PETITIONER is an income-tax and wealth-tax assesses. PETITIONER owned some agricultural lands in the District of Ratlam. The Govt. of Madhya Pradesh acquired 107 bighas of his agricultural lands, vide notification dated February 26, 1965, published on April 26, 1965. Possession of the lands was taken by the Government on April 2, 1967, and the Collector, Ratlam, determined the compensation for the lands at Rs. 1,28,400 plus solatium at 15%. The petitioner sought a reference against the award before the District Judge, Ratlam, and the amount of compensation was enhanced by the District Judge to Rs. 17,04,038. The District Judge also directed payment of interest at 6% amounting to Rs. 80,958.

(3.) THE respondents-ITO/WTO issued notices under Section 148 of the I.T. Act and Section 17 of the W.T. Act for reopening the assessments in respect of the assessment years in question on the ground that income/net wealth of the assessee for the relevant assessment years had escaped assessment. THE petitioner has challenged the validity of these notices and the jurisdiction of the ITO/WTO to initiate proceedings for reassessment under Section 148 of the I.T. Act and Section 17 of the W.T. Act.