TMI Blog2004 (1) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner, I deem it proper to set aside the order passed by the Commissioner in so far as rejection of the revision for the assessment years 1998-99 and 1999-2000. - These petitions are allowed in part - The order passed by the second respondent in the revisions for the assessment years 1998-99 and 1999-2000 are set aside. Matter is remitted to respondent for reconsideration on the merits in accordance with law - - - - - Dated:- 21-1-2004 - Judge(s) : R. GURURAJAN. JUDGMENT R. GURURAJAN J. -The petitioner in these three petitions is calling in question the intimations dated December 14, 1999, March 27, 2002, February 22, 2002, issued under section 143(1)(a) of the Income-tax Act, 1961, by the first respondent in terms of annexures A, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be made over year after year. Depreciation was claimed as per the Income-tax Act in relation to the assets which had been purchased from the APSEB and later leased out in its favour. The petitioner's claim of purchase was not accepted by the assessing authorities, the first appellate authority and the second appellate authority. Aggrieved by the order, the petitioner filed an appeal before this court in I. T. A. No. 92 of 2002. The assessing authorities considered that there was only an advance of money given to the APSEB and that there was no sale of equipment by the APSEB to the petitioner. The assessing authorities calculated the assumed interest at 18 per cent, on the amount advanced and brought to book the said interest. The matter, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revision Petitions Nos. 7, 8 and 9/2002-03/CIT-I, i.e., for the assessment years 1998-99, 1999-2000 and 2001-2002, notices the deletion of the Explanation to section 143 and after noticing the same, he holds that the intimation under section 143(1)(a) received by the assessee after May 31, 1999, will not be amenable to revision under section 264 of the Act. Section 143 provides for return under section 139 or in response to a notice under sub-section (1) of section 142 of the Act. A detailed procedure is prescribed thereunder. Section 264 of the Income-tax Act provides for a revision at the instance of the assessee with regard to the proceedings arising under the Act. The Explanation to section 143 before it was omitted by the Finance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Karimtharuvi Tea Estates Ltd. v. State of Kerala [1966] 60 ITR 262, has ruled as under: "It is well settled that the Income-tax Act as it stands amended on the first day of April of any financial year must apply to the assessment of that year. Any amendments in the Act which come into force after the first day of April of a financial year, would not apply to the assessment for that year, even if the assessment is actually made after the amendments come into force." In the light of the said two judgments of the Supreme Court and in the light of the Explanation to section 143 having been deleted after the assessment years, i.e., with effect from June 1,1999, it does not take away the vested right of revision in favour of the petitioner. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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