TaxTMI 
TaxTMI 
1995 (8) TMI 44
X X X X Extracts X X X X
X X X X Extracts X X X X
....ollowing question of law : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in holding that the assessment made on March 28, 1977 is barred by limitation ? " The assessee is an individual and the question of law referred to us relates to the assessment years 1971-72 and 1972-73. For the said assessment years, the assessee filed returns of income wh....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ncome-tax should have been completed by March 31, 1976, and, therefore, the present assessments made on March 28, 1977, were barred by time. The Department filed a second appeal before the Appellate Tribunal which was subsequently dismissed. Sub-section (2A) of section 153 of the Act runs as under : "Notwithstanding anything contained in sub-sections (1) and (2), in relation to the assessment yea....
X X X X Extracts X X X X
X X X X Extracts X X X X
....der, under section 250, section 254, section 263 or section 264 setting aside or cancelling an assessment at the instance of the Commissioner of Income-tax under section 263 the fresh assessment proceedings have to be completed within two years of commencing (?) of such financial years. Learned counsel appearing for the Revenue urged that since sub-section (2A) of section 153 used the word "may"....