C.R. Rajendra vs Commissioner of Income Tax

V.S. Sirpurkar, J.

The question referred to us at the instance of the assessee is as follows :

Whether, on the facts and in the circumstances of the case, the gross sales proceeds with reference to sale of shares held by the assessee in Anglo

French Textiles Ltd. and Best & Co. (Pondicherry) (P) Ltd., are to be taken into consideration for computing capital gains ?

When the matter came before us initially, we found that the assessee was not on record as probably he was not served. We, therefore, directed

the Registry to serve notice on the assessee by registered post with acknowledgement due. He was, accordingly, served on 12-7-2002. However,

when the matter is called out today, there is no representation on the part of the assessee. This is besides the point that even the Vakalat and

typedsets have not been filed by him. Probably, this is because, the matter is fully covered against the assessee as per the statement made by the

learned senior standing counsel for the department who relies on the decision in the case of Venkatesh and Others Vs. Commissioner of Income

Tax, which is a case in respect of the assessee of the same group. This is not contested by the assessee as nobody is present on behalf of the

assessee. We, therefore, proceed ex parte against the assessee and hold in favour of the revenue. The question is answered in favour of the

revenue and against the assessee relying on the aforementioned judgment. No costs.