2002 (4) TMI 883

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....t on January 28, 1987. Pursuant to the said judgment, the petitioner returned the income received as interest by filing returns for the assessment years 1979-80 to 1984-85 admitting its share of interest awarded in the land acquisition case. The Assessing Officer on receipt of the returns dated January 3, 1990, initiated reassessment proceedings apparently by issuing notices under section 147(a) of the Income-tax Act, 1961. It may be noticed that the assessments were completed under section 143(3) read with section 147(a) of the Act. The impugned assessments are dated October 30, 1990. Even though the petitioner-filed returns offering to pay tax on the interest, the petitioner later felt that the Department is not authorised to complete the....

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....tioner contended that section 147(b) of the Act is the section that has to be applied for completion of the assessments because, according to him, the returns filed by the petitioner after so many years of the relevant assessments are non est returns not to be taken note of. According to him, the assessments completed have to be treated as orders under section 147(b) of the Act. In view of the limitation, he prays for cancellation of the orders on this basis. On the other hand, learned standing counsel for the Income-tax Department contended that sub-clauses (a) and (b) of section 147 of the Act have no relevance as the same are no longer available with effect from April 1, 1989, when the same was substituted by section 147 of the Act which....

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....reme Court has held that a subsequent decision of the Supreme Court which lays down no new information but reaffirms the view taken earlier does not itself constitute information for reopening the assessment under section 147(b) of the Act. The petitioner has also relied upon the decision of the Madras High Court in CWT v. Varadharaja Theatres Pvt. Ltd. [2001] 250 ITR 523 and contended that the amended provisions will not apply to the case and what is relevant is section 147(b) of the Act. On the other hand, learned standing counsel for the Income-tax Department has contended that section 147(a) and (b) are not retained for any purpose when the same was substituted by section 147 of the Act with effect from April 1, 1989, and therefore the ....