9911796707
TMI Blog2007 (2) TMI 196X X X X Extracts X X X X X X X X Extracts X X X X ..... dated August 5, 2002, passed by the first respondent herein, namely, the Settlement Commission, and to direct the first respondent to rehear the case after considering the evidence and materials. The petitioner herein filed an income-tax settlement application for settlement of his liability relating to the assessment years 1988-89 to 1994-95. By order dated September 5, 2002, the first respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... incorrect, high pitched and without any basis. Heard counsel for both sides. A perusal of the order of the first respondent shows that there was a search in the petitioner's business premises on August 5, 1992. The petitioner was engaged in the business of selling lottery tickets as a sole selling agent. He had lottery business in Bangalore in the names of Priya Agency and Sri Sairam Agency. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oth the Department and the applicant have agreed is in respect of the turnover of the applicant." In the above circumstances, the Settlement Commission took the net profit at 0.75 per cent. of the turnover and determined the income. In the light of what has been stated by the first respondent, we do not find any merit in the contention of the petitioner herein that the Settlement Commission's orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under article 226 or by the Supreme Court under article 136 of the Constitution of India. In the circumstances, where the Commission has, on the basis of materials on record, come to a decision, it would not be open to the High Court to substitute its view on the materials disclosed in preference to that of the Settlement Commission. In [1993] 204 ITR 616 (Shriyans Prasad Jain v. ITO), the apex c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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