1996 (1) TMI 114

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....imitation of time and whether the Commissioner of Agricultural Income-tax is barred under section 34 after the lapse of more than ten years, to direct the assessing authority to make a revision of assessment originally completed on February 11, 1974 ? The assessee is the Rajagiri Rubber and Produce Company Limited, Alleppey. The assessment for the years 1972-73, 1973-74, 1974-75 and 1975-76 were completed by the Inspecting Assistant Commissioner, Kottayam, as per the respective orders dated February 11, 1974, February 18, 1974, November 26, 1974, and December 29, 1975. These orders are sought to be revised by resort to the provisions of section 34 of the Agricultural Income-tax Act, 1950, as it was then legally controlling the situation. ....

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....ate the proceedings within a reasonable time ; by the same token, even for the completion of the proceedings, the same logic should apply and the final order in regard thereto should also be passed within a reasonable time on the basis that the repository should be reasonable to the extent that the Damocles' sword should not hang endlessly, at the caprice of the statutory authority. It is further settled that if there are explaining reasons for not setting in motion the suo motu contemplated exercise of the power under section 34 of the Act, it has to be adversely inferred that the assessee would be the justifiable affected Party. The situation would be a factual peculiarity on the facts and circumstances of each case. It is thus seen that....