TMI Blog1986 (11) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... alendar years 1958 and 1960. The original assessments were completed on February 23, 1962, and January 31, 1963. The said assessments were subsequently modified on appeal before the Appellate Assistant Commissioner. Subsequently, the Income-tax Officer initiated proceedings under section 147(a) of the Income-tax Act, 1961 (" the Act"), on the ground that the assessee's income chargeable to tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner confirmed the addition made in the assessment year 1959-60 and in the subsequent assessment year 1961-62. The Appellate Assistant Commissioner enhanced the income by Rs. 20,000 on the ground that the peak amount introduced in the accounts of the assessee as loans had not been correctly computed. In the meantime, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fy the requirements of section 147. The Tribunal accordingly set aside the orders of reassessment without going into the merits of the matter. The assessee also filed appeals to the Tribunal against the orders of the Inspecting Assistant Commissioner imposing the penalty. The Tribunal found that as the reassessments for the said two assessment years made under section 147 on the basis of which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er against the order of the Tribunal setting aside the orders of reassessment, any further proceedings have been initiated by the Revenue. In the absence of any such information, we have to presume that the orders of reassessment stand annulled finally. The question is, therefore, answered in the affirmative and in favour of the assessee. There will be no order as to costs. MONJULA BOSE J.-I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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