TMI Blog2006 (1) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... ome final on the expiry of the period of limitation prescribed under section 149 - held that the provisions of section 150(1) as amended with effect from April 1, 1989, did not enable the authorities to reopen assessments, which had become final due to the bar of limitation prior to April 1, 1989, - proceedings which had attained finality under existing law due to bar of limitation cannot be held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompensation in a sum of Rs. 51,45,536 and interest on the compensation in a sum of Rs. 59,14,533. Pursuant to the order, as the interest arising in each year of account has to be assessed in the concerned assessment year, the Assessing Officer reopened the assessment under section 148 read with section 150 of the Income-tax Act and assessed the interest. That order was canvassed in appeal before t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ricts the application of sub-section (1) to enable the authorities to reopen assessments which have not already become final on the expiry of the period of limitation prescribed under section 149. Sub-section (2), in placing an embargo, on reopening of assessments which have attained finality on the expiry of the period of limitation prescribed under section 149, refers to the whole of sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ision is clearly given retrospective operation so as to allow upsetting of proceedings which had already concluded and attained finality. he above judgment will squarely answer the issue against the Revenue and as such we are of the view that the order of the Tribunal, which followed the decision of the Supreme Court, requires no interference and accordingly the appeals stand dismissed. Conseque ..... X X X X Extracts X X X X X X X X Extracts X X X X
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