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2017 (11) TMI 1915 - HC - Income TaxReopening of assessment - Non addressing preliminary objections - tribunal has upheld the contention of the appellant and remitted back the matter for reassessment - second inning to the Assessing Officer who has to do reassessment within a period of 9 months - unexplained cash credit u/s 68 - HELD THAT:- It is not out of place to mention that the law declared by the Supreme Court in GKN Driveshafts [2002 (11) TMI 7 - SUPREME COURT] clearly held that the preliminary objection is to be decided as the first, it cannot be decided subsequently. The argument which has been canvassed by the assessee is required to be considered very seriously more particularly in view of the observations made by the Supreme Court in the case of KSS Petron Private Ltd [2016 (10) TMI 1112 - BOMBAY HIGH COURT] which is followed in Hotel Blue Moon [2010 (2) TMI 1 - SUPREME COURT] the law declared by the Supreme Court is taken in true spirit whether it will open a second inning in his own. Section 153(3) is to be read very cautiously as 153 powers are given to the Department, the Court has to look into whether the law declared by the Supreme Court is given away or protected. In the present case, as the Assessing Officer has clearly ignored the law declared by the Supreme Court, in that view of the matter, the issues which are raised in the matter, the Tribunal ought not to have remitted back for reassessment since period of limitation has already expired as the authority will get extended time of limitation beyond 9 months which is not the object of the Income Tax Act.
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