TMI Blog1967 (8) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... n respect of any period not included in the previous year - effect of s. 13 of the Finance Act, 1950, was not to repeal s. 41(1) - since extended period of limitation, eight years, was still available even after April 1, 1950, hence, assessments made for the years 1122 to 1124 (Malayalam) on July 12, 1955, and July 29, 1955, are within time - - - - - Dated:- 13-8-1967 - Judge(s) : VEERASWAMI., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to have effect except for purposes of levy, assessment and collection of income-tax and super-tax in respect of any period not included in the previous year for the purpose of assessment under the Indian Income-tax Act, 1922, for the year ending on the 31st day of March, 1951, or for any subsequent year, or, as the case may be, the levy, assessment and collection of the tax on profits of busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come-tax Officer has reason to believe that the assessee has concealed the particulars of his income, he can serve on the assessee a notice at any time within eight years and proceed to assess or reassess such income. Sub-section (2) reads : " No order of assessment under section 30 or of assessment or reassessment under sub-section (1) of this section shall be made after the expiry, in any ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relating to levy, assessment and collection of income-tax and super-tax in respect of the years prior to 1950-51 and that meant the saving included section 41 and 47. We think as we said, that is the correct view to take. In Commissioner of Income-tax v. Bhikaji Dadabhai and Co. the Supreme Court had to consider the effect of section 13(1) in relation to the penalty provision in the Hyderabad In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acious conduct. The effect of Commissioner of Income-tax v. Bhikaji Dadabhai and Co. is that section 40 of the Hyderabad Act was one of the provisions saved by section 13 of the Finance Act. The reasoning of that decision will apply to the instant case as well. Section 47(2) itself makes a reference to section 41(1)(c) in the Travancore Act. Section 47 clearly relates to assessment, and, if penalt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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