TMI Blog2006 (8) TMI 146X X X X Extracts X X X X X X X X Extracts X X X X ..... r the AY 1992-93. It is well established in law that the assessments can be reopened on the basis of the information contained in the assessment for subsequent years. Therefore, reopening the assessment based on the assessment order for the AY 1993-94, wherein it is held that the relationship of 100 per cent. holding subsidiary company was acquired with the only intention of evading the capital gains tax cannot be faulted - fact that the assessment order for the assessment year 1993-94 is pending before the appellate authority is wholly irrelevant for the purpose of reopening the assessment – petition of assessee is dismissed - - - - - Dated:- 22-8-2006 - Judge(s) : V. C. GOKHALE., J. P. DEVADHAR. JUDGMENT The judgment of the court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 93 has been issued based on the information contained in the assessment year 1993-94. Mr. Mehta, learned counsel appearing on behalf of the petitioner submitted that the decision for the assessment year 1993-94 has been challenged by the petitioner and the same is pending before the appellate authority. Therefore, reopening the assessment based on the assessment order for 1993-94 is unwarranted. Mr. Mehta further submitted that the transaction of sale of shares as per the agreement dated January 3, 1992, was in fact concluded during the assessment year 1993-94 and, therefore, capital gains if any arising from the said transaction cannot be taxed in the assessment year 1992-93. Therefore, reopening of the assessment for the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment year 1993-94 and not in the assessment year 1992-93. It will be open to the Assessing Officer to pass appropriate order on the merits after hearing the petitioner. The fact that the assessment order for the assessment year 1993-94 is pending before the appellate authority is wholly irrelevant for the purpose of reopening the assessment. As stated earlier, the information contained in the said assessment order is sufficient to reopen the assessment for the assessment year 1992-93. For the reasons stated hereinabove, we do not find any merit in the petition and the same is hereby dismissed. Rule stands discharged with no order as to costs. The interim relief granted at the time of admission of the petition stands vacated. All c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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