TaxTMI 
TaxTMI 
2011 (1) TMI 1032
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.... The facts of the case stated briefly are that the petitioner is a co-operative bank. In respect of the assessment years referred to hereinabove, assessments came to be framed up to the assessment year 1999-2000. For the assessment years 1991-92, 1992-93, 1993-94, 1994-95 and 1996-97, assessment came to be framed vide order dated January 31, 2000 under section 143(3) read with section 147 of the Act. In respect of the assessment year 1995-96, the assessment came to be framed vide order March 24, 1998 under section 143(3) read with section 144A of the Act. For the assessment year 1997-98, assessment came to be framed under section 143(3) read with section 147 of the Act on March 16, 2000. For the assessment year 1998-99, assessment came to b....
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.... ITR 229 (Guj) has subsequently been reversed by the Supreme Court on the points in issue in the case of Gujarat State Co-operative Bank Ltd. v. CIT [2001] 251 ITR 522 (SC), and as such, the said decision is no longer good law. Attention is also invited to the decision of this High Court in the case of CIT v. Baroda Peoples Co-operative Bank Ltd. [2006] 280 ITR 282 (Guj). It is submitted that in the circumstances, even on the merits, no case has been made out for reopening the assessment. 5. On the other hand, Mr. P. G. Desai, learned standing counsel appearing on behalf of the respondent has supported the impugned notices and sub-mitted that the Assessing Officer was justified in reopening the assessment and as such, no case has be....
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....of the relevant assessment year is invalid and as such, the impugned notices relating to the said assessment years cannot be sustained. 7. As regards the assessment years 1996-97 to 1998-99, though the notices for reopening assessment have been issued within a period of four years from the end of the relevant assessment years, from the reasons recorded it is apparent that the Assessing Officer has placed reliance upon a decision of the jurisdictional High Court rendered in the case of Gujarat State Co-operative Bank Ltd. v. CIT [2001] 250 ITR 229 (Guj) for the purpose of arriving at the opinion that income has escaped assessment. However, as pointed out by the learned counsel appearing on behalf of the petitioner, the said decision o....