TMI Blog1993 (11) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... d, therefore, they had retrospective effect and were applicable to all assessments pending on January 1, 1976, irrespective of the year of assessment ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in rejecting the assessee's claim that realisation made by the official liquidator for running the business for the beneficial winding up of the company in view of the provisions made by the Companies Act as well as the order passed by the Hon'ble Company Judge, Rajasthan High Court, were not liable to tax under the Income-tax Act, 1961 ? 3. If the answer to the second question is in the negative, whether the Tribunal was justified in holding that the assessee was not entitled to deduction of intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the enactment and, therefore, would apply to all the matters in which the assessment has to be framed after that date. The Income-tax Appellate Tribunal also came to the conclusion that the provision is absolutely procedural and not substantive and, therefore, will be applicable to all assessments pending on the date of coming into force of this section. The provisions of section 144B were omitted by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), with effect from April 1, 1989. The said section provided that when an assessment is to be made under sub-section (3) of section 143 and the Income-tax Officer proposes to make variation of the income then the matter has to be referred to the Inspecting Assistant Commissioner. As a matte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on in the income returned was more than Rs. 1 lakh and, therefore, the Income-tax Appellate Tribunal was justified in holding that the provisions of section 144B of the Act are procedural in nature and will be applicable to all assessments which were pending on the date of coming into force of the said section. So far as the second question is concerned, the matter was considered by this court in the case of the assessee in Golecha Properties (P) Ltd. v. CIT [1988] 171 ITR 47 and without going into the details of the facts in view of the said decision, we are of the opinion that the Income-tax Appellate Tribunal was justified in rejecting the claim of the assessee that the realisation made by the official liquidator for running the busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fect in the reasoning has been pointed out. The question was returned unanswered. We are also of the view that the question being hypothetical as the possibility of paying of interest to the creditor is not yet known, we refuse to answer this question. With regard to question No. 4, we find that the same is also covered by the decisions of this court in the case of the assessee in Golecha Properties (P) Ltd. v. CIT [1988] 171 ITR 47 and Golcha Properties (P) Ltd. v. CIT [1987] 166 ITR 259, wherein it was held that the assessee was not the owner of the immovable property of Maratha Mandir, Bombay and, therefore, was not entitled for the depreciation. Accordingly, it is held that the Tribunal was justified in holding that the assessee was n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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