9911796707
TMI Blog2015 (11) TMI 805X X X X Extracts X X X X X X X X Extracts X X X X ..... idering the matter, issued an order dated 4th August, 1986 directing the assessee to get the accounts audited under Section 142 (2A) of the Income Tax Act. The petitioner, being aggrieved, filed a writ petition and obtained an interim order dated 19th September, 1986 staying further proceedings. Eventually, this writ petition was dismissed on 8th August, 1986. In the meanwhile, the statutory audit as per the requirement under the Companies Act was made in the petitioner's books of account. The petitioner made a request to the Assessing Officer that his statutory audited books of accounts may be considered in the assessment proceeding instead of getting the accounts audited under Section 142 (2A) of the Income Tax Act as per the earlie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act was filed and was admitted on the following substantial questions of law: "A. Whether on the facts and in circumstances of the case, the Income tax Appellate Tribunal was correct in holding that the assessment made by the Assessing Officer on 16th June, 2000 is not barred by limitation in terms of the provisions of Section 153 sub-section (1) read with Explanation 1 thereof of the Act. B. Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was justified in holding that the period of limitation available to the Assessing Officer for completing the assessment is to be computed from 26th May, 2000, i.e. after the direction given by the Hon'ble High Court reached the finality vide order dated 25 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e time taken by the Commissioner to decide the matter from 13th January, 2000 to 25th May, 2000 stood excluded while computing the period of limitation. The period of two months 6 days as calculated by the appellant consequently, would start from the date when the Commissioner passed the order, namely, 25th May, 2000. The assessment was completed on 16th June, 2000 within the extended period of 2 months 6 days. We are, consequently, of the opinion that assessment order was passed during the extended period of limitation as provided under Section 153(3) Explanation (1) (ii) of the Income Tax Act. Consequently, for the reasons stated aforesaid, the substantial questions of law are answered against the appellant and in favour of the departme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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