2000 (11) TMI 43

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.... delivered by S. R. NAYAK J.--Petitioners Nos. 1 to 4, i.e., son, mother, wife and son, respectively, are the legal representatives of the assessee, namely, one Sri S. V. Gopal Rao. On January 27, 1983, a search was conducted in the business premises of S. V. Gopal Rao and that culminated in substantial demands for the assessment years 1982-83 to 1984-85 directing the assessee to pay a sum of R....

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....f the third respondent in auctioning the attached immovable properties vide proceedings No. 1/87-88/SIC/IT/VSP dated July 31, 1987, as illegal, void and arbitrary and also the same is barred by limitation and violative of rule 68B of the Second Schedule to Income-tax Act, 1961 (for short "the Act"). In response to rule nisi, the respondent authorities have filed a counter affidavit opposing the....

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....on. Coming to the second contention, it is apt to notice the relevant provisions of sub-rules (1) and (3) of rule 68B of the Second Schedule to the Act. "68B. (1) No sale of immovable property shall be made under this Part after the expiry of three years from the end of the financial year in which the order giving rise to a demand of any tax, interest, fine, penalty or any other sum, for the re....

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....due regard to the provisions of sub-rule (3) the relevant financial year is 1992-93 for the purpose of computation of limitation, and that financial year came to an end by March 31, 1993. If the period of three years was to be reckoned from that date, that period would expire on March 31, 1996, whereas admittedly the sale was conducted on July 18, 1995. Therefore, the contention that the sale was ....