TMI Blog2000 (4) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment is more than ₹ 50,000. The proviso to section 147 does not refer to the amount of escaped assessment. The only difference is that the notice under section 148, if issued within four years does not require any authority's sanction. But the Commissioner's sanction is required for notice issued after four years. The notice states that such sanction has been obtained. Therefore, the not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that he proposed to reassess the income and recompute the loss. The main submission of learned counsel for the petitioner is that the notice is barred by limitation and is one issued without jurisdiction. Section 147 of the Income-tax Act provides for the reassessment of income escaping assessment. The proviso to section 147 states that no action shall be taken after the expiry of four years f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the proviso to section 147 have to be read with section 149 where the four years have been extended to seven years if the income chargeable that has escaped assessment is more than Rs. 50,000. The proviso to section 147 does not refer to the amount of escaped assessment. The only difference is that the notice under section 148, if issued within four years does not require any authority's sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment. Therefore, on the merits, I am not inclined to go into the question whether the petitioner's expenditure is a revenue or a capital expenditure or it has escaped assessment chargeable to tax and it is under-assessed, etc., since the petitioner will have ample opportunity to question the reassessment on the merits. I do not find any ground in the circumstances of the case to interfere with ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
