2007 (6) TMI 207

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.... - The above tax case appeals are directed against the common order of the Income-tax Appellate Tribunal dated 15.3.2005 made in ITA Nos.246, 247, 248 and 249/Mds/2002 for the assessment years 1983-84 to 1986-87 respectively, raising the following substantial questions of law. "(a) Whether in the facts and circumstances of the case, the Tribunal was right in holding that the reopening of the asse....

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....over the assessee company by order 7.1.1974. With respect to the grant of compensation and its quantum, the Supreme Court by order dated 6.1.1995 fixed Rs.51,45,536/- as compensation and Rs.59,14,553/- as interest, totalling to Rs.1,10,60,089/-. The Assessing Officer, after issuing notice under Section 148 of the Act and giving opportunity to the assessee, assessed the interest accrued in every ye....

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....c Corporation Ltd. [2006] 287 ITR 50, this Court has held as follows (page 51): "... The Tribunal while discussing the issue has relied on a decision of the Supreme Court in the case of K. M. Sharma v. Income-tax Officer reported in (2002) 254 ITR 772 and very elaborately extracted the order of the Supreme Court. In the said case, the three judges Bench of the Supreme Court has categorically held....

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....0(1) as amended with effect from April 1, 1989, did not enable the authorities to reopen assessments, which had become final due to the bar of limitation prior to April 1,1989, and this position was equally applicable to re-assessments proposed on the basis of orders passed under the Income-tax Act or under any other law. The proceedings which had attained finality under existing law due to bar of....