9911796707
TMI Blog2014 (4) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... ews & Sons, Eloor Muri, Kalamassery consist of 5 partners. Assessment of the firm for the year 1989-90 came to be completed on 25.9.1990 wherein unabsorbed depreciation came to be allocated to all the five partners of the firm. Subsequently, Ext.P1 rectification order came to be passed by the Assessing Officer pertaining to the very same firm in the light of the decision of the Supreme Court in its judgment dated 22.03.1991 reported in Garden Silk Weaving Factory vs. Commissioner of Income-tax (1991) 189 ITR 512) wherein their Lordships held that unabsorbed depreciation in the case of a firm cannot be set off at the hands of the partners and it has to be reverted back to the firm's case. This order of rectification came to be made under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ars issued under Section 119(2)(a) of the Act by the Department from time to time. So far as present case is concerned, though we are concerned with circular dated 23.5.1996, there is reference to circular dated 02.5.1994 in some of the impugned orders which were under challenge before learned Single Judge. As a matter of fact, in Ext.P2, circular dated 02.05.1994 was referred to and according to the department, the said circular is not at all applicable to the facts of the case as there was no income that had accrued or arose. So far as 1996 circular, at the time of Ext.P2 it was not in existence. Ext.P4 is dated 25.03.1999 and Ext.P7 is dated 26.07.2000, rejecting the claim of assessees. By this time circular of 1996 was very much i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated above, none of the conditions were claimed by the petitioners though a feeble attempt was made by the learned counsel for the respondents/assesees that case of the assessees would fall under clause (d) which reads as under:- "(d) Where any income which was not chargeable to income-tax on the basis of any order passed in the case of an assessee by the High Court within whose jurisdiction he is asessable to income-tax and as a result, he did not pay income-tax in relation to such income in any previous year and subsequently in consequence of any retrospective amendment of law or as the case may be, the decision of the Supreme Court in his own case, which event has taken place after the end of any such previous year, in any assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
