2000 (2) TMI 54

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....ort but interesting question which has surfaced in this petition under article 226 of the Constitution of India is as to whether the impugned order of respondent No. 1, under section 264 of the Income-tax Act, 1961 (the "I. T. Act"), dated March 26, 1992, in respect of the assessment years 1975-76 to 1981-82 (7 years), whereby the revision application of the petitioner-assessee came to be rejected....

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....The Income-tax Appellate Tribunal, later on, confirmed it. Prompted by this, the petitioner-assessee filed revision application on January 20, 1984, before the respondent for the assessment years 1975-76 to 1981-82, against the orders under section 143(3) passed by the Income-tax Officer, claiming the part of the incentive bonus as permissible expenditure, Since there was a delay, as the revisi....

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....ertain deductions for the incentive bonus given by the Life Insurance Corporation. According to him, each assessment year is separate and independent proceedings and each claim has to be taken up. within the appropriate time frame. He, therefore, held that the assessee was not prevented from making a revision application within the stipulated period, and, therefore, the revision came to be dismiss....

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....t with no alternative but to quash the impugned order. The impugned order is, therefore, required to be quashed. The impugned order dated March 26, 1992, as at annexure A, is quashed and set aside. Obviously, the matter shall go back to him for reconsideration, adjudication and determination, after affording the assessee with an opportunity of hearing. The respondent authority, obviously, shall ha....