TMI Blog2021 (2) TMI 756X X X X Extracts X X X X X X X X Extracts X X X X ..... or the assessee to raise the plea of limitation. Therefore, the first substantial question of law is answered accordingly. Since, the tribunal has not adjudicated the issue with regard to limitation, the impugned order dated 17.10.2014 passed by the tribunal insofar as it pertains to finding with regard to the issue of limitation is hereby quashed and the tribunal is directed to decide the issue of limitation with regard to the order of assessment passed by the Assessing Officer for the block assessment years 1986-86 to 1996-97. - I.T.A. NO.88 OF 2015 - - - Dated:- 8-2-2021 - HON BLE MR. JUSTICE ALOK ARADHE AND HON BLE MR. JUSTICE NATARAJ RANGASWAMY APPELLANT (BY SRI. A SHANKAR SENIOR WITH SRI. V. CHANDRASEKHAR AND BHAIRAV KUTTAIAH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing officer as against the actual incurred by the appellant of ₹ 3,62,52,209/- on the facts and circumstances of the case? 5. Without prejudice, whether the Tribunal erred in law in not appreciating that if the value of the assets is adopted at an amount lower than the value agreed upon by the parties of ₹ 32,62,52,209/-, then a proportionate reduction in lease rentals will have to be made as otherwise it would result in double taxation on the facts and circumstances of the case? 2. Facts leading to filing of this appeal briefly stated are that the assessee is a company in liquidation and for the relevant Block Assessment Year viz., 1986 87 to 1996-97 was carrying on the business of financial activity in equipment leasi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2005 directed the company to be wound up and appointed the Official Liquidator to take charge of the assets of the company. This court by an order passed in I.T.A.No.146/2004 dated 25.11.2009 set aside the order of the tribunal dated 21.11.2013 and remitted the matter to the tribunal for fresh adjudication considering the amended provision of Section 158BB of the Act. The tribunal after hearing the parties, passed an order on 17.10.2014 and did not adjudicate the ground raised by the assessee with regard to the limitation and held that the aforesaid ground is not subject matter of the order of remand in the light of directions contained in the order dated 25.11.2009 passed by this court. The tribunal further held that during the course of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssions, reliance has been placed on decision of the Supreme Court in Commissioner Of Income Tax T.N. VS. V.Damodaran', 121 ITR 472 (SC). 5. On the other hand, learned counsel for the revenue submitted that the tribunal by an order dated 21.11.2003 held that the block assessment order was within the period of limitation. The revenue had challenged the aforesaid order in an appeal before this court viz., I.T.A.No.146/2004 to the extent it was decided against the revenue. It is further submitted that this court remanded the matter to the tribunal to adjudicate the issue only to decide the same in accordance with law by applying the amended provisions of Section 158BB of the Act. Therefore, the tribunal has rightly refused to adjudic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t extract of paragraphs 2 and 3 are reproduced below for the facility of reference: 2. Therefore, in the aforesaid case, by setting aside the order of the Income Tax Appellate Tribunal, we are remanding the matter to the tribunal for fresh consideration. 3. In the circumstances, following the decision in I.T.A.No.146/2002, we allow this appeal without considering the questions of law and remand the matter to the tribunal for fresh consideration considering the amended provision of Section 158 BB of the Income Tax Act, 1961. 8. Thus, from perusal of the aforesaid relevant extract, it is evident that the matter was remitted to tribunal for fresh consideration. The finding of the tribunal that the issue with regard to limita ..... X X X X Extracts X X X X X X X X Extracts X X X X
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