TaxTMI 
TaxTMI 
2015 (9) TMI 969
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....he common judgment dated 11.3.2015 passed by Income Tax Appellate Tribunal, Delhi Bench 'H', New Delhi, whereby three appeals filed by the assessee against the re-assessment orders for assessment year 2002-03, 2003-04 and 2004-05 were allowed on the ground that notice issued under Section 148 of the Income Tax Act was barred by limitation. Brief facts of the present case, inter alia, are that Uttar Pradesh Forest Corporation (hereinafter referred as 'UPFC') was in existence before the bifurcation of the State of Uttar Pradesh; UPFC has received interest on the different FDRs, total amounting to Rs. 1, 20,15,19,945/-. It was contended before the Assessing Authorities by the UPFC that after the bifurcation of the State of Utt....
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.... was hopelessly time barred in view of the provisions of Section 149 read with Section 150 and 153 (3) Explanation 3 of the Income Tax Act. Ultimately, matter went before the ITAT, New Delhi, in appeal, wherein contention of the UFDC/assessee was accepted and appeals filed by UFDC were allowed. Feeling aggrieved, Revenue has preferred these appeals. We have heard Mr. Hari Mohan Bhatia, learned counsel for the appellant and Mr. S.K. Posti, learned counsel for the respondent, and have carefully perused the record. Sections 149, 150 and Explanation 3 of 153 (3) of the Income Tax Act read as under: "149. Time limit for notice. [(1) No notice under section 148 shall be issued for the relevant assessment year,- [(a) if four years have elaps....
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.... by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.]" * * * "150. Provision for cases where assessment is in pursuance of an order on appeal, etc. - (1) 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 W.P.(C) Nos. 7944/11, 7945/11, 7946/11 & 7947/11 Page 6 of 14 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 way of appeal, reference or revision or by a Court in any proceeding under any other law. (2) The provisions of sub-section (1) s....
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....able to tax which has escaped assessment amounts to or is likely to amount to one lakh rupees or more for that year, while, as per clause (c) of Section 149 (1), limitation to issue notice for reassessment under Section 148 shall be extended till 16 years from the date of previous assessment if income chargeable to tax has escaped assessment in relation to any asset (including financial interest in any entity) located outside India and is chargeable to tax, has escaped assessment. As per Section 150 (1) of the Act, there will be no limitation to issue Re-assessment notice under Section 148 of the Act, if reassessment seems to be required pursuant to any observations made, direction issued by any Authority, under this Act, by way of appeal,....