1998 (10) TMI 44

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....sessed to income-tax for the first time for the assessment year 1974-75 granting registration to it under section 185 of the Income-tax Act by order dated March 6, 1975. Subsequently, assessments were completed for the years 1975-76, 1976-77 and 1977-78 and the firm was allowed continuation of registration up to the assessment year 1980-81. For the purpose of considering the issue that is involved....

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....arties. The point that is now taken by the petitioner is that the return filed for the year 1978-79 is for the period ending on March 31, 1979, and that cancellation of registration under section 186 of the Act can be made only within a period of eight years from March 31, 1979, i.e., on or before March 31, 1987. This is made clear in the first proviso to section 186(1) of the Income-tax Act. H....

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....this original petition is as to what are the powers of the Settlement Commission in the sense that whether it can cancel a registration even after a long period of eight years, i.e., calculating eight years from the date of ending of the assessment year concerned (here in this case, March 31, 1987). Or, in other words, to put it straight and direct whether the words occurring in section 245D(8) "f....

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....ance of any such directions as aforesaid." Admittedly, this was introduced only on June 1, 1987, i.e., long after the last date, according to the petitioner, viz., March 31, 1987. By a reading of this section, viz., section 245D(8), for the purpose of this case, three aspects have to be taken note of. Firstly, in section 245D(8), after mentioning about the first part/clause and while referring ....