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2015 (10) TMI 2025 - AT - Income TaxTaxation on capital gain - rectification of mistake - direction given by the Tribunal to the Assessing Officer to tax the capital gain in assessment year 2002-03 is not proper because the Tribunal could not have given such directions - Held that:- It is seen that it is specified in sub section (3) of section 153 that Sub Sections (1), (1A), (1B) and (2) shall not apply where the assessment, reassessment or recomputation is made as per clause (ii) of sub section (3) of section 153 on the assessee or any person in consequence of or to give effect to any finding or direction contained in an order, under sections 250, 254, 260, 262, 263 or 264 or in an order of any court in a proceeding otherwise than by way of appeal or reference under this Act. The provisions of section 150 are applicable in respect of reopening u/s 148 and not for reassessment u/s 153 as per tribunal direction. This is important to note that clause (ii) of sub section (3) of section 153 can be invoked even where the reassessment is called for as per an order of any court in a proceeding otherwise than by way of appeal or reference under this Act. Hence, in our considered opinion, the limitation u/s 150 (2) is not applicable in respect of appeal effect order to be passed u/s 153. Hence, this objection also has no merit. As per above discussion, we have seen that there is no merit in any of the contentions raised by the assessee in the Misc. Application. Therefore, we hold that there is no merit in the Misc. Application of the assessee. - Decided against assessee.
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