TMI Blog2006 (10) TMI 141X X X X Extracts X X X X X X X X Extracts X X X X ..... s no question of apportionment thereof in the hands of the partners - 154, 337 to 339 of 2004 - - - Dated:- 18-10-2006 - ADARSH KUMAR GOEL and RAJESH BINDAL JJ. K. L. Goyal for the appellant. Dr. N. L. Sharda for the respondent. JUDGMENT The judgment of the court was delivered by Rajesh Bindal J.- These appeals arise from a composite order dated January 19, 2004, passed by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short, "the Tribunal"), in ITA Nos. 531 to 534 (ASR.) 1998, for the assessment years 1992-93 to 1995-96. 2. At the time of admission of appeals, the following substantial question of law was framed for adjudication by this court : "Whether, on the facts and circumstances of the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee was rejected by the Assessing Officer vide order dated February 9, 1998, on the ground that since the return had been processed under section 143(1)(a) of the Act, no action under section 154 of the Act is possible. In appeal, the assessee succeeded before the Commissioner of Income-tax (Appeals) (for short, "the CIT(A)"), but in further appeal by the Revenue, the Tribunal reversed the order of the Com-missioner of Income-tax (Appeals). 4. The short submission made by learned counsel for the appellant in the present case is that at the time when the return for the assessment year 1992-93 was filed, as the loss to be carried forward for the assessment year had not been determined there was no possibility of the assessee's claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee to move an application for rectification under section 154 of the Act, in case there is a change in the income of the firm. Accordingly, in our view, the application of the assessee was maintainable and he was entitled to the benefit of carry forward of losses as determined vide order dated November 9, 1993, and apportion the same amongst the partners. Thus, the question referred for the assessment year 1992-93 is answered in favour of the assessee and against the Revenue. 6. As far as the assessment years 1993-94 to 1995-96 are concerned, in our view, the assessee would not be entitled to claim any benefit for the reason that in the subsequent years, the firm ceased to exist. In case, the firm itself is not in existence and the unab ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
