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2011 (7) TMI 774 - HC - Income TaxAssessee in default - Time limitation - issuance of notice u/s 201 after a period of 4 years - Learned counsel for the revenue submitted that there is no specific provision prescribing any limitation for passing the order under Sections 201(1) and 201(1A) of the Act - A plea was raised on behalf of the defaulter that where no period of limitation is prescribed in a statute the same is required to be implied under law in order to be just and reasonable - it is clear that it is not the legislative intention to prescribe any period of limitation for computing and recovering the arrears - It is true that a principle has been laid down in State of Gujarat v. Patel Raghav Natha (1969 -TMI - 104690 - Supreme Court of India), while dealing with suo motu revisional jurisdiction that though there is no period of limitation prescribed for exercise of that power, still such a power must be exercised within reasonable time - Decided in favor of the revenue.
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