COMMISSIONER OF INCOME TAX Vs. RAJASTHAN PATRIKA LIMITED

JUDGEMENT

(1.) THESE three appeals are directed against the judgment of the Tribunal dated March 23, 1999, whereby the Revenue has challenged the decision of the Tribunal on two counts, i.e., whether reopening of the assessment is valid and whether furnishing of bank guarantee by the assessee against customs duty amounts to actual payment of customs duty and is not hit by the provisions of Section 43B of the Income-tax Act, 1961. Since common questions are involved in these three appeals, therefore, we dispose of all these three appeals by this common order.

(2.) THE assessee-respondent imported news prints, on which customs duty was payable. THE assessee-respondent disputed the rate of customs duty before the Supreme Court and made a request for interim ex parte stay order on payment of customs duty. THE Supreme Court vide its order dated April 8, 1982, granted stay on the condition of giving an unqualified and categorical bank guarantee for the amount of customs duty payable by the assessee.

(3.) LEARNED counsel for the assessee brought to our notice that on a query by the Assessing Officer regarding customs duty liability, the assessee, vide its letter dated December 8, 1986, submitted a reply including the reply regarding customs duty liability, which reads as under :