TaxTMI 
TaxTMI 
2014 (7) TMI 690
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....d advocates appearing on behalf of the respective parties, the present petitions are taken up for final hearing today. 3. As common question of law and facts arise in both these petitions, they are disposed of by this common judgment and order. 4. In both these petitions the common petitioner-assessee Charotar Nagrik Sahakari Bank Ltd. (in liquidation) had initially challenged the reassessment proceedings for the Assessment Years 2006-07 and 2007-08. However, during pendency of the Special Civil Applications, the Assessing Officer passed the reassessment orders and by way of amendment the petitioner has also challenged the respective orders for the Assessment Years under consideration. 4.1. The petitioner is a Cooperative Bank in l....
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.... by the Reserved Bank of India on 30/07/2003. Since then, the assessee was in the process of winding up by the Official Liquidator. Thus, the assessee was not engaged in the banking business or any other business activity after Assessment year 2004-05. Hence, the receipts during the previous year relevant to Assessment year 2006-07 was not on account of engaging in any business or profession. The assessee had not carried on any business during the previous year, as per the provisions of Section 28(i) of the Income-tax Act, 1961. Thus, the income of Rs. 1,33,63,272/- derived was chargeable to Income-tax under the head 'income from other sources'. Hence, the assessee was not entitled for set off of brought forward losses of Assessment Year 20....
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....the objections raised by the petitioner by submitting that there is no res judicata. Being aggrieved and dissatisfied with the aforesaid initiation of the reassessment proceedings for the Assessment Years 2006-07 and 2007-08 and thereafter the reassessment order passed on the basis of the aforesaid notice, the common petitioner has preferred the present Special Civil Applications under Article 226 of the Constitution of India. 5. Shri Patel, learned advocate appearing on behalf of the petitioner has vehemently submitted that as such on the very ground with respect to the Assessment Year 2005-06 the reassessment proceedings were sought to be initiated, which were also initiated beyond the period of four years from the end of the relevant ....
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.... quashed and set aside the reassessment proceedings by judgment and order dated 07/05/2013 in Special Civil Application No.1043/2013. 8. Heard the learned advocates appearing on behalf of the respective parties at length. At the outset, it is required to be noted that for the Assessment Year 2005-06 with respect to the very assessee, the Assessing Officer initiated the reassessment proceedings under Section 147 of the Act on the very ground on which the reassessment proceedings are initiated for the Assessment Years 2006-07 and 2007-08. It is required to be noted that in the present case also initiation of the reassessment proceedings are after a period of four years from the end of the relevant Assessment Year. It is also not in dispute....