2002 (8) TMI 53

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....the relevant assessment years from tax could be reached. The case of the assessee-petitioner is that it has not been informed of the reasons which have been recorded by the Assessing Officer before issuing notice, which is a mandatory requirement for assuming jurisdiction under section 147 of the Act of 1961. It has been further contended that notices were issued on March 29, 1990, for all the assessment years in question and the writ petition was filed on September 12, 1990. No reply to the writ petition has been filed. However, in pursuance of the order dated May 27, 2002, passed by this court, photostat copies of the reasons which have been recorded by the Assessing Officer before issuing notices under section 147 read with section 148 ....

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....acquisition valuation of the asset by the company and not on the depreciated value at the hands of the firm had been accepted by the Income-tax Appellate Tribunal and subsequent thereto, the applications for making reference under section 256 or an appeal against that order have been rejected and the matter has become final for subsequent years. It has also been pointed out that for the period prior to the assessment years in question, this controversy has also been decided in favour of the assessee. Be that as it may, we find on a perusal of the reasons recorded by the Assessing Officer that the apprehension of the assessee-petitioner is confirmed that the primary reason for reopening the assessments was computation of depreciation of Uma....

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.... any such failure on the part of the assessee as noticed under the proviso to section 147 of the Act, the notice issued on March 29, 1990, for reopening of the assessments for the assessment years prior to 1985-86 were clearly barred. For the assessment year 1984-85, the last of the four assessment years 1981-82 to 1984-85, the period for initiated proceedings for reopening the assessments by issuing notice has expired on March 31, 1989. Therefore, initiation of proceedings for reassessments for the assessment years 1981-82, 1982-83, 1983-84 and 1984-85 in respect of which original assessments have been made under section 143(3) deserves to be quashed as they have been initiated wholly without jurisdiction by the concerned Assessing Officer....