TMI Blog1985 (10) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... e Revenue reads thus : " Whether, on the facts and in the circumstances of the case, the finding of the Tribunal that the reassessment proceedings were concluded with the finalisation of the settlement petition on June 5, 1968, is in law justified ? " The assessment years concerned are 1957-58 and 1958-59. The assessments for these years were originally made on June 25, 1958, and August 16, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n hundis for a long time for the purpose of its business. A statement of such hundi loans was annexed to the petition. The peak thereof was Rs. 2,25,000, whereof an aggregate amount of Rs. 2,32,000 had been borrowed from the directors of the assessee and their relations and had been disclosed by the directors and relations under the Voluntary Disclosure Scheme. The balance amount of Rs. 18,000 was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9, 1969, one M. P. Lentin made a statement to the Income-tax Officer that the assessee had claimed depreciation on its cinema building at the time of the original assessment on the incorrect basis that it was a new building. Some time thereafter, the Income-tax Officer made an order of reassessment under section 143(3) read with section 148 of the Income-tax Act, 1961. He stated therein that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly open to the Income-tax Officer to issue a fresh notice under section 147(a) read with section 148 of the Income-tax Act, 1961, to bring this item to charge. The question, then, is. Were the reassessment proceedings concluded when the settlement petition was finalised. The only reason for initiating the reassessment proceedings was the hundi borrowings of the assessee. The assessee then p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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