The Commissioner Of Income Tax v. Income Tax Settlement Commission & Anr

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO. 1121 OF 2009 The Commissioner of Income Tax .. Petitioner V/s Income Tax Settlement Commission & Anr... Respondents Mr. G.C. Srivastava i/b Ms. Anamica Malhotra for the petitioner. Mr. S.E. Dastur, Senior Advocate with Mr.P.J. Pardiwala, Senior Advocate, Mr. Nishant Thakkar and Mr. B.D. Damodar i/b Kanga & Co. for respondent no.2. CORAM : F.I. REBELLO & D.G. KARNIK, JJ.DATE : 24TH AUGUST 2009 P.C.: 1. The petitioner approached the Settlement Commission disclosing undisclosed income of Rs.16,00,000/- on account of shares speculation and allied activities. A report was submitted by Mr. A.K. Jha, Commissioner of Income Tax, in which various objections were taken specifically and in general. A major objection was that expensive paintings owned by the assessee, that has been dealt with by the Settlement Commission in its order. Another point raised was regarding Demat account. We find that though the point was raised before the Settlement Commission, in the petition filed before us no ground has been raised that despite the fact that before the Commission this was urged, the Commission has not answered the same. 2.Considering the finding of the Settlement Commission, in our opinion, this is not a fit case for interference in exercise of our extraordinary jurisdiction. Hence, the petition is rejected. (D.G. KARNIK, J.) (F.I. REBELLO, J.)