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2015 (8) TMI 983 - KARNATAKA HIGH COURT

2015 (8) TMI 983 - KARNATAKA HIGH COURT - TMI - Validity of reopening of assessment - unexplained investments in the construction of the building - Tribunal upholding notice issued under section 148 as valid - Held that:- Limitation for reopening of assessment provided under Section 149 read with Section 150 of the Act would be six years, which would be expiring on 31.3.2004 and thus reopening notice issued after 31.3.2004 would be barred by limitation, as the extended time limit would not be av .....

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Adv., A/w Sri E I Sanmathi, Adv. JUDGEMENT This is an appeal filed by the assessee challenging the order of the Tribunal whereby reopening of assessment for the assessment year 1997-98 has been held to be valid. The appeal was admitted on 21.4.2010 on the following questions of law: "(i) Whether the Tribunal was right in law in upholding notice issued under section 148 is valid on the facts and circumstance of the case? (ii) Whether the Tribunal was justified in law in holding that the sum .....

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under Section 143(1) of the Income Tax Act, 1961 ('the Act' for short) on 15.10.1997. Then on 17.4.2006, the Tribunal, in the case of assessee for the assessment year 1998-1999, passed an order giving certain observations with regard to the income relating to the assessment year 1997-1998. Pursuant to such order of Tribunal, a notice for reopening of assessment under Section 148 of the Act for the assessment year 1997-1998 was issued by the Assessing Officer on 23.10.2006. 3. It is cont .....

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