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2013 (4) TMI 447 - HC - Income TaxReopening of the assessment u/s 147 (b) - Time barred U/s 153 (1) of the Act - Held that:-the return was processed under Section 143 (1) of the Act on 26.12.1973. The assessment proceeding was started on the application of the assessee dated 18.02.1974, which was ultimately held as bad by the appellate authority, by the order dated 15.02.1980, on the ground that assessment was not completed within the time-limit provided under Section 153 of the Act. In the meantime, reassessment proceeding was started by the notice dated 04.02.1978. In view of the judgment of the Supreme Court in Chatturam (1955 (4) TMI 1 - SUPREME Court), the tribunal was not correct in holding that reassessment proceeding could not have been initiated as the assessment proceeding was not completed within time-limit. In view of the aforesaid discussion appeal is allowed in favour of the Revenue.
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