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2014 (9) TMI 1095 - MADHYA PRADESH HIGH COURTValidity of settlement proceedings - what is the specified date as defined and provided under Section 245HA? - Held that:- In the present case the application for settlement under Section 245C was filed on 28.5.2007, it means before the 1st June 2007. In such circumstances in accordance with Sub section 4A of Section 245D of the Income Tax Act the specified date would be 31.3.2008 and if the period from 28.5.2007 to 31.3.2008 be excluded, which comes to 10 months and three days, then the assessment has to be completed up to 31.10.2009.4. Thus initiation of the proceeding and issuance of notices dt.19.8.2010 are beyond the period of limitation. It means that the revenue had no power and authority to continue the assessment proceeding beyond the statutory period of limitation.Consequently, the petition filed by the petitioner is allowed. The impugned notices dt.19.8.2010 (Annexure P/1-A) and continuation of assessment proceedings are hereby quashed.
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