2004 (8) TMI 75

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....eturn was vitiated under law and the very order of assessment was liable to be quashed?" Briefly stated, the facts giving rise to the present reference are as follows: The reference relates to the assessment year 1974-75. The respondent-assessee is a co-operative society established with specific objects mentioned in paragraph 4 of the Pratiman Upvidhiyan. The main object of the society consisted of (i) sugarcane cultivation on specific lines; (ii) obtaining profitable prices for sugarcane growers; (iii) expeditious supply of sugarcane to sugar mills, and (iv) expeditious payments by sugar mills. It derives its income from various sources. For the assessment year under consideration, the return of income under section 139(1) was due o....

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....Nobody has put in appearance on behalf of the respondent. It is not in dispute that the return for the assessment year 1974-75 was due under section 139(1) of the Act on June 30, 1974. The respondent had filed the return on July 6, 1974, which was not under section 139(2) of the Act, as it is not the case that the said return was filed upon issuance of a notice by the Assessing Officer. Thus, the aforesaid return is to be treated as one having been filed under section 139(4) of the Act as held by the apex court in the case of Kumar Jagdish Chandra Sinha v. CIT [1996] 220 ITR 67, and the revised return which has been filed by the respondent on September 27, 1974, is not a valid return and has to be ignored altogether. Under section 153....

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....e (iv) of Explanation 1 to section 153 excluded certain period while computing the limitation. It reads as follows: "Explanation 1.- In computing the period of limitation for the purposes of this section- ... (iv) the period (not exceeding one hundred and eighty days) commencing from the date on which the Income-tax Officer forwards the draft order under sub-section (1) of section 144B to the assessee and ending with the date on which the Income-tax Officer receives the directions from the Inspecting Assistant Commissioner under sub-section (4) of that section, or, in a case where no objections to the draft order are received from the assessee, a period of thirty days, or ... shall be excluded." The plea of limitation was rai....