Judgment

B. P. JEEVAN REDDY, J.:- These appeals are preferred by the Revenue against the order of the Settlement Commission in the case of the respondent-Express Newspapers Limited, Madras relating to the assessment years 1985-86, 1986-87 and 1987-88. It raises certain important questions with respect to the jurisdiction of the Settlement Commission under Chapter XIX-A of the Income-tax Act, 1961. We have heard Dr. Gowri Shankar for the appellant and Ms. Bina Gupta for the respondent. We may mention here that when called upon to argue, after the conclusion of submissions by Dr. Gowri Shankar, Ms. Bina Gupta asked us to adjourn the matter to enable her to engage a senior counsel. We refused to do so since it was the first case in the list that day and the request was made after the commencement of the arguments. We then hear her fully.

2.Relevant Facts of the Case :

The respondent-assessee filed its return for the assessment year 1985-86 on July 22, 1985. A revised return was filed on February 26, 1988. It disclosed a loss of Rs. 32,80,700/-. The Assessing Officer, however, assessed the income at Rs. 1,27,95,570/- by his order dated March 30. 1988. The Assessing Officer held that the t