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2003 (3) TMI 96 - SC - Income TaxWhether the regular assessment orders were barred by time? Whether use of the word "return", instead of "refund", does not make any difference to the right? Held that:- Section 50 of the 1922 Act, as modified by rule 4A, is a provision of the statute which was required to be applied by the High Court at the time of considering the relief, if any, to be granted in the writ petition. The claim being barred by time, the writ petition could not have been allowed nor could any relief be granted. The first contention, therefore, fails. The money which was paid as provisional tax became returnable on the date on which the right of the Revenue authorities to make a regular assessment under section 12 came to an end. Assuming that there was a right in the respondent-assessee to reclaim this money, such a right ought to have been exercised within a period of three years under the residuary article 137 of the Limitation Act, after which even such a right must be held to be barred. There is no doubt that by the time the assessee asserted his so called right, even this period had expired in respect of the assessment years in question. The contention based on article 265 of the Constitution also must, therefore, fail.
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