TaxTMI 
TaxTMI 
2004 (8) TMI 69
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....894. The compensation was awarded to him on September 12,1990 and May 29,1993 under the orders passed by the Punjab and Haryana High Court. He was paid interest only on August 21, 2001, from the date of taking over possession of the land. The petitioner had shifted to Noida, in the district of Gautam Budh Nagar in the year 1991 and since then he is staying at Noida and doing business there. After receiving the amount of interest on compensation on August 21, 2001, the petitioner filed the revised returns on January 14, 2002 for the assessment years 1995-96 to 2001-02. He deposited the amount of income-tax due on the aforesaid income on December 30, 2001 and December 31, 2001. The returns had been accepted by the Assessing Officer on October 9, 2002. He also charged interest under sections 234A, 234B and 234C of the Act. The petitioner had filed an application for waiver under section 273A read with section 119 of the Act before the Chief Commissioner of Income-tax, Meerut, on January 3, 2003. The application has been rejected vide order dated July 23, 2003, treating it to be premature. The Income-tax Officer issued demand notice on August 19, 2003, calling upon the petitioner to pa....
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....ent) Act, 1987, with effect from April 1, 1989. After its amendment section 150 of the Act reads as follows: "150.(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 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) shall not apply in any case where any such assessment, reassessment or recomputation as is referred to in that sub-section relates to an assessment year in respect of which an assessment, reassessment or recomputation could not have been made at the time the order which was the subject-matter of the appeal, reference or revision, as the case may be, was made by reason of any other provision limiting the time within which any action for assessment, reassessment or recomputation may be taken." The apex court after considering the provisions of sections 149 and 150 of the Act has held as follows: "Section 149 of the Ac....
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....eopen assessments not only on the basis of orders passed in proceedings under the Income-tax Act but also on the order of a court in any proceedings under any law has to be applied prospectively on or after April 1, 1989, when the said amendment was introduced to sub-section (1). The provision in sub-section (1) therefore can have only prospective operation to assessments, which have not become final due to expiry of the period of limitation prescribed for assessment under section 149 of the Act. To hold that the amendment to sub-section (1) would enable the authorities to reopen assessments, which had already attained finality due to bar of limitation prescribed under section 149 of the Act as applicable prior to April 1, 1989, would amount to giving sub-section (1) a retrospective operation which is neither expressly nor impliedly intended by the amended sub-section." It has further held as follows: "On a proper construction of the provisions of section 150(1) and the effect of its operation from April 1, 1989, we are clearly of the opinion that the provisions cannot be given retrospective effect prior to April 1,1989, for assessments which have already become final due to the....
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....ao v. CIT [1990] 181 ITR 408. In the counter affidavit, the reason for issuing the notices under section 148 of the Act for the assessment years 1989-90 to 1994-95 has been stated that the interest income has escaped assessment and that is why notices have been issued. It may be mentioned here that the reasons are not required to be recorded in the notice issued under section 148 of the Act but before issuing notice the reasons ought to be recorded in writing. Thus, the plea that the notices do not contain any reasons is misconceived. Sri. C.B. Yadav, learned counsel for the petitioner, further submitted that the provisions of section 150(1) of the Act would not be attracted in the present case as the reassessment is not being made in consequence of any order of any court. According to him, the order passed by the Punjab and Haryana High Court directing payment of interest would not be covered under section 150(1) of the Act. He relied upon the decision of the Patna High Court in the case of Gauri Shankar Choudhary v. Addl. CIT [1998] 234 ITR 865 and the Kerala High Court in the case of CIT v. Vaikundom Rubber Co. Ltd. [2001] 249 ITR 19. In the present case the reassessment noti....