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2004 (12) TMI 75 - HC - Income TaxAssessment – limitation - Whether Tribunal was justified in annulling the assessment on the ground that the assessment was completed much after the expiry of the limitation? - Assessing Officer in passing the assessment order did not discharge his duties to the best of his knowledge, acumen and dedication thereby putting the Revenue to a huge tax loss. He being a very senior Assessing Officer should have known the law of limitation which governs the case in question. There is valid reason that a senior officer of the status of the Assistant Commissioner must be quite conversant with the time-limit within which he has to complete the assessment of this nature - The fact remains that due to his inaction (whether deliberate or otherwise), the Revenue has been put to loss to a large extent. It is now for the Department to decide departmentally as to whether any action is called for and if so, what kind of action is permissible under the Service Rules for such lapses and/or inaction against such officer. We leave this matter at this stage for the Department to decide.
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