2010 (6) TMI 653

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....g addition of Rs. 15,88,190 under section 68 of the Act. (ii) Under the facts and circumstances of the case, the learned CIT(A) is not justified in holding that reassessment proceedings are time-barred failing to appreciate the significant fact that assessment was completed only after receiving an intimation on 14-12-2008 from senior standing Counsel that interim order was not further extended by Hon'ble High Court." 3. Firstly, we will take up ground No. (ii) of the appeal, which relates to the question of limitation. 4. Briefly stated, the facts of the case are that for the asst. yr. 1998-99, the assessee filed his return of income declaring income of Rs. 47,990. The return of income was processed under section 143(1) of the Inco....

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....cord in the Court and they assure that they would not pass the final orders till the next date but they may be allowed to continue the proceedings. We order accordingly. The assessee shall co-operate in the proceedings. Sd., Pradeep Kant Sd, S.N. Shukla" 4.1 The interim relief so granted by their Lordships of the Hon'ble High Court was later on extended upto 9-2-2007, which was the next date of listing, as per the subsequent order dated 12-1-2007, which reads as under: "Hon'ble Pradeep Kant, J. Hon'ble S.N. Shukla, J. List on 9th Feb., 2007 at 2 p.m. Interim order shall continue till next date of listing. Dt. 12th Jan., 2007 Sd. Pradeep Kant Sd. S.N. Shukla" 4.2 Thereafter, there was no extension of interim ....

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....heir Lordships had passed an interim order dated 6th Jan., 2006 as per which the Assessing Officer was restrained from passing the final assessment order, although, he was permitted to proceed with the assessment proceedings. Such a stay order remained in force upto 9th Feb., 2007 only. The said period from 6th Jan., 2006 to 9th Feb., 2007 is to be excluded from the computation of "time-limit" as per Explanation 1 below sub-section (4) of section 153. On exclusion of such period, the time-limit got extended by period of 86 days, as was available to the Assessing Officer on 6th Jan., 2006. On this basis, the time-limit for completion of assessment had expired, with the expiry of a period of 86 days from 9th Feb., 2007. Thus, the time-limit e....