TaxTMI 
TaxTMI 
2015 (12) TMI 569
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....t order for assessment year 1959-60 dated 18.3.1970 was barred by the period of limitation ? (2) Whether on the facts and in the circumstances of the case and having regard to the form, content and language of the show cause notices received by the assessee, the order of the Inspecting Assistant Commissioner imposing the penalty on the assessee was illegal and without jurisdiction ? 2. We have heard Official Liquidator as the assessee is already ordered to be wound up. Official Liquidator has taken assistance of panel Chartered Accountant M/s A. G. Pimperkhede & Company. We have heard Mr A. G. Pimperkhede, Chartered Accountant and perused brief note submitted by him along with photo copies of precedents. 3. Mr Anand Parchure, learn....
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....1 (1) relates to the various defaults as also "concealment of income", the use of word "etc" becomes redundant. The Tribunal has further considered whether the use of the disjunctive "or" in the notices or communications issued by the Department gives rise to an ambiguity. He, therefore, states that altogether different complexion is now sought to be placed on question no. 2, as referred By pointing out various precedents which deal with technical aspects like recording a satisfaction on concealment etc. He urges that in present matter, ITAT has correctly found that if argument of assessee is accepted, it would lead to absurdity. He also by way of abundent precaution invites attention to the provisions of Section 275 (1) (a) of the Income T....
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.... of that expression in section 147 and no proceedings under section 34 of the repealed Act i.e. 1922 Act, in respect of any such income are pending at the commencement of this Act, a notice under section 148 of the new Act may, subject to the provisions contained in section 149 or section 150, be issued with respect to that assessment year and all the provisions of the 1961 Act shall apply accordingly. Issuance of such notice has been made subject to the provisions of Section 149 or Section 150 of 1961 Act. 8. Provisions of Section 149 of the Income Tax Act, 1961 prescribe a limitation of six years at the relevant time. Accordingly, it is not in dispute that the issuance of notice dated 12.1.1965 is within six years of assessment year 19....
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.... the Commissioner, whichever period expires later. In the present facts, it is not in dispute that against the assessment order dated 18.3.1970, the assessee had filed an appeal and the Appellate Assistant Commissioner of Income Tax has decided that appeal on 2nd March 1971. The order of penalty has been passed on 24.2.1972. However, against this adjudication by 1st Appellate Authority, assessee had filed further appeal and that appeal before the ITAT was pending till 26.3.1974. These facts are not in dispute. 10. To point out the effect of adjudication of penalty under Section 271 (1) (c) before adjudication by ITAT, the assessee invited our attention to the fact that addition of Rs. 10 lacs in assessment year 195960 by assessing office....
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....empted to show that as penalty order was passed for several years, concealment in one of the assessment years has been referred to by way of illustration. He submitted that as finding of concealment was maintained by 1st Appellate Authority on 2.3.1971 and was only partly set aside by ITAT on 26.3.1974, contention that penalty order does not specifically record any finding about concealment, is misconceived. 13. The language of Section 275 (1) (a) noted supra clearly shows that the order imposing penalty cannot be passed if the appeal against basic order of assessment is pending before the Competent superior Authority. Here, on 24.2.1972 though 1st Appellate Authority had disposed of the appeal, further appeal of assessee before the ITAT....