COMMISSIONER OF INCOME TAX Vs. UTTAM CHAND NAHAR

JUDGEMENT

(1.) THE Tribunal, Jaipur Bench, Jaipur had submitted the statement of case along with following questions of law to be answered by this Court on reference application moved by the assessee as well as Revenue in relation to the order passed by the Tribunal in ITA No. 2250/Jp/1995 relating to the asst. yr. 1984 -85:

(2.) THE facts as appear from the statement of the case are that for asst. yr. 1990 -91, the assessee has disclosed sale of his residential house and claimed exemption from inclusion of the capital gains in its taxable income undersection 54 of the IT Act, 1961. At the foot of computation of total income for the asst. yr. 1991, an explanatory note was appended by the assessee.

(3.) IN the assessment order passed by the AO for asst. yr. 1984 -85 in pursuance of proceedings initiated undersection 148, the AO quoted the explanation appended to the return of the assessee for asst. yr. 1990 -91. In the reproduction of the said explanatory note some line was missed, which conveyed that house was completed in 1979. The assessee has contended that this exclusion was deliberate to assume jurisdiction undersection 148 because after noticing the excluded part of explanation appended to return of 1990 -91, no belief could be formed about escapement of income from assessment for asst. yr. 1984 -85.