TaxTMI 
TaxTMI 
2002 (3) TMI 15
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.... the Tribunal was justified in law in confirming the order of the Commissioner of Income tax (Appeals) in annulling the reassessment for the assessment years 1961-62 to 1969-70 framed by the Income-tax Officer under section 147(a) of the Income-tax Act, 1961, for bringing to tax as income of the assessee-company under the head 'Income from house property', in terms of the enhanced compensation in pursuance of the order of the Appellate Assistant Commissioner for the assessment year 1974-75?" The relevant assessment years are 1961-62 to 1969-70. The assessee is a private limited company. Its main source of income was letting out of immovable properties including one situated at 6, Ansari Road, Daryaganj, Delhi. The said property was re....
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....es". An appeal thereagainst was filed by the assessee before the Appellate Assistant Commissioner (in short, "the AAC"). The Appellate Assistant Commissioner in his order dated March 15,1979, made the observations to the effect that the Income-tax Officer was not right in assessing the amount of Rs.2,67,596 as "Income from other sources". He purported to have directed the Income-tax Officer by reason of the said order that the assessee be assessed under the head "Income from house property" in the respective assessment years. The Revenue took two different proceedings in relation to the said order. On the one hand, the said decision was questioned in appeal before the Tribunal and, on the other hand, a proceeding under section 147(a) ....
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....ees one lakh or more for that year; (b) in any other case,-- (i) if four years have elapsed from the end of the relevant assessment year, unless the case falls under sub-clause (ii) or sub-clause (iii); (ii) if four years, but not more than seven years, have elapsed from the end of the relevant assessment year, unless the income chargeable to tax which has escaped assessment amounts to or is likely to amount to rupees twenty-five thousand or more for that year; (iii) if seven years, but not more than ten years, have elapsed from the end of the relevant assessment year, unless the income chargeable to tax which has escaped assessment amounts to or is likely to amount to rupees fifty thousand or more for that year. Explanation.....
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.... from the end of the but up to seven years years but up to ten relevant assessment from the end of the years from the end of year relevant assessment year the releva....
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.... Rs. 50,000 --------------------------------------------------------------------------------------- However, the provisions contained in section 150 of the Act, which contains a non obstante clause, deal with the situation apart from that provided for in section 149 of the Act. In terms of sub-section (2) of section 150 of the Act, the provisions as regards limitation would not apply in a case where a direction had been issued. However, it is not in dispute that if there was no suc....
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....e from house property." In view of the aforementioned finding of the Tribunal to the effect that as there was no direction by the appellate authority, the reassessment proceedings could not have been initiated having regard to the provisions of section 153(2)(ii) of the Act. However, against the order of the Commissioner of Income-tax (Appeals) (in short, "the CIT(A)"), the Department filed a second appeal before the Tribunal. The Tribunal upheld the findings of the Commissioner of Income tax (Appeals) to the effect that the reassessment proceedings for the assessment years 1961-62 to 1969-70 were not initiated validly and hence they had rightly been cancelled by the Commissioner of Income-tax (Appeals). We, therefore, are of the o....