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TMI Blog2007 (4) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... ng that the extended time limitation period of 180 days stipulated under Explanation 1(iv) of section 153 of the Income-tax Act, 1961, was not avail able to set aside assessment ?" 2 Briefly the facts, as noticed in the statement of case, are that the assessee was deriving income from manufacture and sale of domestic appliances and machines tools. Return for the assessment year in question was filed declaring the same at Rs. 94,410. The assessment under section 143(3) of the Income-tax Act, 1961 (for short "the Act"), was completed vide order dated January 30, 1981, at an income of Rs. 1,62,740. In appeal the order of assessment was set aside by the Commissioner of Income-tax (Appeals) (for short, "the CIT(A)"), vide order dated September ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent assessment year, an order of fresh assessment under section 146 or in pursuance of an order under section 250, section 254, section 263 or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of two years from the end of the financial year in which the order under section 146 cancelling the assessment is passed by the Income-tax Officer or the order under section 250 or section 254 is received by the Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Commissioner. (3) The provisions of sub-sections (1) and (2) shall not apply to the following classes of assessments, reassessments and recomputations which may, subject to the provisions of sub-sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Inspecting Assistant Commissioner under sub section (4) of that section, or, in a case where no objections to the draft order are received from the assessee, a period of thirty days, or (v) in a case where an application made before the Income-tax Settlement Commission under section 245C is rejected by it or is not allowed to be proceeded with by it, the period commencing from the date on which such application is made and ending with the date on which the order under sub-section (1) of section 245D is received by the Commissioner under sub-section (2) of that section, shall be excluded. Explanation 2.—Where, by an order referred to in clause (ii) of sub-section (3), any income is excluded from the total income of the assessee for an asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Officer forwards the draft or under sub-section (1) of section 144B of the Act to the assessee and ending with the date on which the Income-tax Officer receives the direction from the Inspecting Assistant Commissioner under sub-section (4) of section 144B of the Act, is to be excluded. 6 It is further contended by learned counsel for the Revenue that the Tribunal had gone wrong in interpreting the provisions of section 153 of the Act. It has completely failed to take notice of the provisions in its entirety. An Explanation attached to a section is part thereof and has to be read along with the provisions. 7 It is not in dispute in the present case that the order under section 250 of the Act was passed by the Commissioner of Income-tax ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nst him. These provisions include the Explanation. By virtue of the notice under section 271 the assessee is put to notice that, if he does not prove, in the circum stances stated in the Explanation, that his failure to return his correct income was not due to fraud or neglect, he shall be deemed to have concealed the particulars of his income or furnished inaccurate particulars thereof, and, consequently, be liable to the penalty under the section. No express invocation of the Explanation to section 271 in the notice under section 271 is necessary before the provisions of the Explanation are applied." 9 It has also come to our notice that the matter in the case of Gheru Lal Bal Chand, as referred to and relied upon by the Tribunal while d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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