TMI Blog1982 (2) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment years 1958-59, 1959-60 and 1960-61, M/s. Goel Brothers had filed income-tax return for the aforesaid years in the status of a firm. The ITO took the view that the business carried on in the name of M/s. Goel Brothers actually belonged to M/s. Kanodia Brothers and, consequently, the income returned by M/s. Goel Brothers was included in the income of Kanodia Brothers while making their assessments. Protective assessments were, however, made on M/s. Goel Brothers for all these years in the status of an unregistered firm. M/s. Kanodia Brothers as well as M/s. Goel Brothers filed appeals to the AAC. M/s. Kanodia Brothers pleaded that there was no justification for holding that the business carried on by M/s. Goel Brothers was thei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Tribunal held that the notices issued by the ITO under s. 148 were not saved by limitation and upheld the order of the AAC. It is not disputed that in the present case the reopening of the assessment could be only under cl. (b) of s. 147. It is further not disputed that the initiation of proceedings would be barred by time unless the case is covered by sub-s. (1) of s. 150. Sub-s. (1) of s. 150 provides: " Notwithstanding anything contained in section 149, the notice under section 148 may be issued at any time for the purpose of making an assessment or reassessment or recomputation in consequence of or to give effect to any finding or direction contained in an order passed by any authority in any proceeding under this Act, by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vant assessment year. Sub-section (1) of s. 150 is an exception to s. 149 for the purpose of making an assessment or reassessment or recomputation in consequence of or to give effect to any finding or direction contained in an order passed in appeal, reference or revision under the Act. It is only where the assessment or reassessment or recomputation has to be done in consequence of or to give effect to any finding or direction contained in an order passed in appeal, reference or revision that benefit can be had of the provision of s. 150(1). Exercise of power under s. 147 is subject to the provisions of ss. 148 to 153. Section 150 relates to the issuance of a notice under s. 148. Section 153 prescribes the time-limit for the completion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal of M/s. Kanodia Brothers no opportunity of being heard, as contemplated by Expln. 3 to s. 153, was given to M/s. Goel Brothers before the order was passed by the Tribunal. A perusal of the order of the Tribunal dated September 29, 1969, passed in the case of M/s. Kanodia Brothers clearly indicates that no direction whatsoever was given by the Tribunal that the income earned from the business carried on in the-name of M/s. Goel Brothers should be assessed in the hands of M/s. Goel Brothers. The only view expressed by the Tribunal was that no inference of benami could be drawn from the facts and circumstances on the record and the income of M/s. Goel Brothers could not, therefore, be included in the computation of the income of M/s. Kanod ..... X X X X Extracts X X X X X X X X Extracts X X X X
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