TaxTMI 
TaxTMI 
2015 (10) TMI 2025
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....nical aspects such as validity of reassessment proceedings, validity of notice u/s 143(2) etc. are of academic interest only and hence, we hold that these contentions raised in the Misc. Application are of academic interest only and therefore, no separate adjudication is called for. 2. Thereafter in Para 15.1 of the Misc. Application, it is stated that the direction given by the Tribunal to the Assessing Officer to tax the capital gain in assessment year 2002-03 is not proper because the Tribunal could not have given such directions. 3. In this regard, we would like to observe that even if it is claimed that such consequential direction of the Tribunal is not proper, it cannot be said that it is an apparent mistake rectifiable u/s 254(2) and therefore, on this aspect also, we do not find any merit in the Misc. Application of the assessee. At this juncture, it is important to note that this is by now a settled position of law that correct income should be taxed in correct hands in correct year. In view of the judgment of Hon'ble Jurisdiction High Court in assessee's own case, it is also settled that the transfer took place in F. Y. 2001 - 02 relevant to A. Y. 2002 - 03 and there i....
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....) one year from the end of the financial year in which a return or a revised return relating to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, is filed under sub-section (4) or subsection (5) of section 139, whichever is later : Provided that in case the assessment year in which the income was first assessable is the assessment year commencing on the 1st day of April, 2004 or any subsequent assessment year], the provisions of clause (a) shall have effect as if for the words "two years", the words "twenty-one months" had been substituted : Provided further that in case the assessment year in which the income was first assessable is the assessment year commencing on the 1st day of April, 2005 or any subsequent assessment year] and during the course of the proceeding for the assessment of total income, a reference under sub-section (1) of section 92CA- (i) was made before the 1st day of June, 2007 but an order under sub-section (3) of that section has not been made before such date; or (ii) is made on or after the 1st day of June, 2007, the provisions of clause (a) shall, notwithstanding anything contained in the first proviso, have e....
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....enty-one months" had been substituted. Provided also that where the notice under section 148 was served on or after the 1st day of April, 2010 and during the course of the proceeding for the assessment or reassessment or recomputation of total income, a reference under sub-section (1) of section 92CA is made, the provisions of this sub-section shall, notwithstanding anything contained in the second proviso, have effect as if for the words "one year", the words "two years" had been substituted. (2A) Notwithstanding anything contained [in sub-sections (1), (1A), (1B) and (2)], in relation to the assessment year commencing on the 1st day of April, 1971, and any subsequent assessment year, an order of fresh assessment in pursuance of an order under section 250, or section 254, or section 263 or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of one year from the end of the financial year in which the order under section 250 or section 254 is received by the Principal Chief Commissioner or Chief Commissioner] or Principal Commissioner or Commissioner] or, as the case may be, the order under section 263 or section 264 is passed by the P....
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....h assessment of total income, a reference under sub-section (1) of section 92CA is made, the provisions of this sub-section shall, notwithstanding anything contained in the second proviso, have effect as if for the words "one year", the words "two years" had been substituted. (3) The provisions of sub-sections (1), (1A), (1B) and (2) shall not apply to the following classes of assessments, reassessments and recomputations which may, subject to the provisions of sub-section (2A) be completed at any time- (ii) where the assessment, reassessment or recomputation is made on the assessee or any person in consequence of or to give effect to any finding or direction contained in an order, under sections 250, 254, 260, 262, 263 or 264 or in an order of any court in a proceeding otherwise than by way of appeal or reference under this Act; (iii) where, in the case of a firm, an assessment is made on a partner of the firm in consequence of an assessment made on the firm under section 147. (4) Notwithstanding anything contained in the foregoing provisions of this section, sub-section (2) of section 153A and sub-section (1) of section 153B, the order of assessment or reassessment, relating ....
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...., the period commencing from the date on which such application is made and ending with the date on which the order under sub-section (1) of section 245D is received by the Principal Commissioner or Commissioner] under subsection (2) of that section, or (vi) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 245Q and ending with the date on which the order rejecting the application is received by the Principal Commissioner or Commissioner under sub-section (3) of section 245R, or (vii) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 245Q and ending with the date on which the advance ruling pronounced by it is received by the Principal Commissioner or Commissioner under sub-section (7) of section 245R, or (viii) the period commencing from the date on which a reference or first of the references for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A and ending with the date on which the information requested is last received by the P....