1987 (7) TMI 20

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....h 24, 1980. Action was taken under section 147(b) of the Income-tax Act, 1961, hereinafter referred to as "the Act". The assessment was reopened after obtaining the previous approval of the Inspecting Assistant Commissioner. On this transaction, the petitioner paid a sum of Rs. 11,000 as capital gains tax. On revision, the Income-tax Officer estimated the market value of the land at Rs. 8,000 per acre as on January 1, 1964. The petitioner went on appeal before the Income-tax Appellate Tribunal and in the appeal, the market value was increased from Rs. 8,000 to Rs. 10,000 per acre. He preferred a reference application under section 256(1) of the Act to the Income-tax Appellate Tribunal. In filing the said application, there was a delay of 11....

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.... no power. The law of limitation is one of procedure and not of substance. In CST v. Parson Tools and Plants [1975] 4 SCC 22 ; 35 STC 413 (SC), case arising under the Sales Tax Act, the Supreme Court observed that if special legislation happens to lay down a particular limitation contrary to the general law of limitation, it is the former which shall prevail. Therefore, there are absolutely no merits in either of these two writ petitions. In order to appreciate this controversy, let me extract section 256(1) of the Act, which is challenged before me. It reads as under : "Statement of case to the High Court.-(1) The assessee or the Commissioner may, within sixty days of the date upon which he is served with notice of an order under sec....

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.... that unless there is a special exclusion of the Limitation Act, section 5 thereof will continue to have its operation. But, that is entirely different from the question which I am called upon to decide. The Act has prescribed the limitation. Parliament has chosen to lay down sixty days as the period of limitation. The power of condonation is only thirty days. Beyond that, there is absolutely no power for the Tribunal to condone. Be it remembered in this connection that the authorities created under the Act are functionaries under the Act and they derive power under this Act and, therefore, unless and until such a power is expressly found anywhere, it cannot be done at all, they being creatures of the statute. In this connection, I may usef....