PARESH PREMJI RAJDA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) As agreed upon by both the parties the appeal be treated as on the day's list and after hearing counsel for both the parties both the appeal and the application stand disposed of by the following order.

(2.) By this application it is prayed that the respondents be restrained from giving effect to the order of the Commissioner dated February 22, 1999, passed under Section 264 of the Income-tax Act, 1961. It is further prayed that application under Section 264 filed along with the application for condonation of delay be treated as pending until the Commissioner had disposed of the said application and the one for condonation of delay.

(3.) In the year 1995 there was a search and seizure operation which was carried on by the Income-tax Department under Section 132 of the Income-tax Act, 1961 (hereinafter referred to as the 1961 Act). During the course of the said search proceedings, the books of account of Rajda Polymers, a partnership firm of which the late Lilabati Rajda was a partner, were also seized.