Law:

Section:

Section 147 of the Income-tax Act, 1961 [Corresponding to section 34 of the Indian Income-tax Act, 1922], read with section 5(1) of the Taxation on Income (Investigation Commission) Act, 1947 - Income escaping assessment - Illustrations - Assessment years 1940-41 to 1948-49 - In pursuance of report of Income-tax Investigation Commission stating that petitioners had not disclosed certain income found during investigation period, Central Government passed an order under section 8(2) of 1947 Act, dated 16-9-1952, that appropriate action be taken against petitioners with view to assess or reassess income which had escaped assessment for relevant assessment years - In meantime section 34 of 1922 Act was amended in 1948 and, thereafter, in 1954 - Thereafter, ITO issued notice under section 34 of 1922 Act and made reassessment orders - Though substantial evaders of payment of income-tax whose cases were referred by Central Government to Commission formed class by themselves and there was rational basis of classification in enactment of section 5(1) of 1947 Act, but after amendment of section 34 of 1922 Act in 1948, some of persons alleged to belong to class of substantial evaders were subjected to drastic and summary procedure under section 5(1) of 1947 Act and others were subjected to normal procedure prescribed under section 34(1) of 1922 Act - Amending Act of 1954 extended time limit for issue of notice under section 34 of 1922 Act - Constitution came into force on 26-1-1950, and citizens obtained fundamental rights including right to equality of laws and equal protection of laws enacted in article 14 thereof - Whether barring cases of persons which were already concluded by reports made by Commission and directions given by Central Government under section 8(2) of 1947 Act culminating in assessment or re-assessment of escaped income, those cases which were pending on 26-1-1950 before investigation before Commission as also assessment or reassessment proceedings which were pending on 26-1-1950 before ITOs concerned in pursuance of directions given by Central Government under section 8(2) of 1947 Act would be hit by article 14 of Constitution and would be…

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