9911796707
TMI Blog1990 (8) TMI 209X X X X Extracts X X X X X X X X Extracts X X X X ..... Co. (P.) Ltd. This company had a superannuation scheme which had been approved by the Commissioner of Income-tax. However, the company with the approval of the Commissioner dated 12-12-1983 wound up the scheme. Consequently, in the previous year ended 31-3-1984, corresponding to the assessment year 1984-85, the assessee was entitled to receive a sum of Rs. 1,04,079 from the trustees of that supera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of G.B. Menon [IT Appeal No. 3363 (Bom.) of 1979]. 3. The assessee is, therefore, in appeal to contend that inasmuch as the order of assessment was in conformity with the order of the Tribunal in a similar case which had become final, it could not be considered to be erroneous in law. On the other hand, it was contended on behalf of the revenue that the order of the Tribunal relied on by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n because the object of the superannuation fund is to provide a terminal benefit which is free of tax and it cannot be said that it will become taxable merely because the payment is accelerated with the approval of the Commissioner of Income-tax. The very exemption under section 17(3) has been made only on the understanding that these amounts are not of income nature but are only capital receipts. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tances where the order of the Tribunal had become final. When section 263 enables the Commissioner of Income-tax to revise the orders of the Income-tax Officer, it confers a discretionary power which has to be exercised reasonably. It is implicit in the concept of judicial discretion that it includes a duty to be impartial and not to discriminate on unacceptable grounds (See de Smith's Judicial Re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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