9911796707
TMI Blog2004 (1) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessment years 1997-98 to 2000-01 in terms of annexure C. The facts in brief are as under: The petitioner is a company registered under the Companies Act, 1956, and is engaged in the manufacture of special purpose machinery. The petitioner has filed its return of income for the assessment year 1998-99 on November 30, 1998, for the year 1999-2000 on December 31,1999, and for the year 2000-2001 on November 30, 2000. These returns were processed and intimations were given in terms of annexures A, A1 and A2. The petitioner entered into a sale-cum-lease transaction with the Andhra Pradesh State Electricity Board ("APSEB" for short) for the purpose of purchase and distribution of power. The APSEB was interested in the sale of its pla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1996-97 lease rentals have not been accepted, for the subsequent years the offer of lease rentals for the purpose of income-tax were accepted, and the lease rentals was assessed to tax. According to the petition averments, the case for the year 1996-97 is pending in this court with regard to sale and leasing back. The petitioner on receipt of the orders under section 143(1)(a) of the Income-tax Act ("the Act" for short), filed a revision petition before the Commissioner of Income-tax under section 264 of the Act in terms of annexures B, B1 and B2. The Commissioner rejected the same by way of a common order dated September 26, 2002, in terms of annexure C. The petitioner with these facts is before me. The respondents have entered appearan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purposes of sections 246 and 264." The deletion of the said Explanation has come into force with effect from June 1, 1999. The said revision is available for pre-143(1A) proceedings. There is no material available on record to show that the same is not available for the previous assessment years, namely, for 1998-99, 1999-2000. It may not be available for the assessment year 2000-2001. In this connection, it is necessary to notice two judgments cited at the Bar. The first is the judgment in Hoosein Kasam Dada (India) Ltd. v. State of Madhya Pradesh [1953] 4 STC 114; AIR 1953 SC 221. The Supreme Court rules in the said judgment as under: "... the impression of the restriction by the amendment of the section could not affect the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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