Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (12) TMI 230 - HC - Income TaxNon-banking financial institution – A.Y. 06-07 – notice issued u/s 143(2) on 10.10.07 – petition filed for revising return of income on 08.12.08 on the ground that returns were filed on the basis of the provisional accounts and interest on NPA was recognized and expenses were claimed in contravention of Sec 43D - assessment order passed on 23.12.08 – revised return filed on 07.01.11 - whether revision of return to claim fresh exemption by way of filing a revised statement of income after filing original return other than by way of filing revised return as contemplated u/s 139(5) - Held that:- There is no provision under the Income Tax Act to enable an assessee to revise his income by way of filing a revised statement of income. A.O. has no power to entertain fresh claim made by the assessee after filing of the original return other than by filing of revised return. During the relevant time, as the assessee had maintained the accounts on mercantile basis, it was bound to file the returns on that basis. Further, a change over from mercantile system to cash system is not permissible by filing a revised return much less a revised statement of income. Whether National Housing Bank Act,1987 overrides the Income Tax Act, 1961 – Held that:- There is no such provision in the National Housing Bank Act that it will override the Income Tax Act. Whether any sequence prescribed for issuance of notice u/s 142(1) and 143(2) – Held that:- The purpose of service of notices issued u/s 142(1) and 143(2) is different. There is no sequence prescribed as to in what manner two notices are to be issued. Therefore, there is nothing to say that the notice u/s 142(1) should precede notice u/s 143(2) so far as production of documents/accounts is concerned. Maintainability of appeal before CIT (Appeals) when petition of assessee u/s 264 is rejected – Held that:- Once the revisionary power vested with the Commissioner u/s 264 is invoked and the Commissioner passes the order by exercising his jurisdiction under that section, the order of assessment merges with the order of revision. The order passed by the Commissioner u/s 264 is also not an appealable order u/s 246/246A. Writ petition filed for refund - Held that:- Since we have not quashed the order of assessment dated 23.12.2008, order dated 11.03.2010 passed u/s 264 and first appellate order dated 15.09.2010 for the reasons stated above, no order granting refund of tax collected against the demand raised in the impugned assessment order can be passed. Further, such writ petition is not maintainable on the ground that a claim for such a refund can always be made in a suit against the authority which had illegally collected the money as a tax and High Court is not acting as authority under any Statute while exercising power under Article 226 of the Constitution – Decided against the assessee.
|