2001 (8) TMI 55

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..... king a direction against the Income-tax Appellate Tribunal to refer the following questions of law for the opinion of this court: "(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally justified in holding that reopening of the case for the year under consideration was not valid, nor justified? (2) Whether, on the facts and in the circums .....

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..... espondent acquired under the notification dated October 10, 1974. On appeal, the amount of compensation was enhanced. The respondent-assessee received the enhanced compensation on October 27, 1986. An assessment was made on the amount of compensation as well as enhanced compensation in the assessment year of 1975-76. The proceedings were reopened under section 147, clause (a), for the year 1987-88 .....

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..... Commissioner of Income-tax. It is contended by Mr. Sandeep Bhandawat learned counsel for the Revenue that sub-section (5) of section 45 specifically deals with the cases of compulsory acquisition and is applicable with reference to the date of receipt of the compensation notwithstanding anything contained in sub-section (1) of section 45 relating to the year in which the transfer took place. W .....

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