2006 (1) TMI 110

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....PANDIAN J.- The appeals are at the instance of the Revenue against the orders of the Appellate Tribunal. The assessee was a company distributing electricity in Vellore area. The Government of Tamil Nadu by its order dated July 1, 1974, has taken over the assessee's business. In respect of grant of compensation and its quantum, the assessee carried the matter up to the Supreme Court. The Supreme....

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....essing Officer by invoking the provision under section 150 of the Income-tax Act." The Tribunal while discussing the issue has relied on a decision of the Supreme Court in the case of K. M. Sharma v. ITO reported in [2002] 254 ITR 772 and very elaborately extracted the order of the Supreme Court. In the said case, the three-judge Bench of the Supreme Court has categorically held that the plain ....

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....ffect from April 1, 1989, did not enable the authorities to reopen assessments, which had become final due to the bar of limitation prior to April 1, 1989, and this position was equally applicable to reassessments proposed on the basis of orders passed under the Income-tax Act or under any other law. The proceedings which had attained finality under existing law due to bar of limitation cannot be ....