2008 (1) TMI 360

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e as follows: For the assessment year 1990-91 the appellant filed return of loss which was processed under section 143 (1) (a) of the Act. Prima-facie adjustment to the extent of Rs.36,28,690/- was made resulting into liability of additional tax of Rs.3,12,655/-. The intimation dated 05.12.1990 was issued. However, in view of the judgment of this court in the case of M/s Indo Gulf Fertilizers and Chemicals Limited wherein it was held that where the income assessed is loss, additional tax is not chargeable with respect to the adjustment made, the intimation dated 05.12.1990 rectified vide order dated 13.10.1992. Consequently, the levy of additional tax of Rs.3,12,665/- was cancelled. Subsequently, the provision of Section 143 (1A) was amen....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....from the end of the financial year in which the order has been passed. This can be illustrated by following example: Suppose the order has been passed on 03.04.1983, the rectification order under the old provision could be passed only up till 02.04.1987 whereas after the amendment in the sub-Section 7 of Section 154 of the Act, the same can be passed up to 31.03.1988. We further find that the Apex Court in the case of Hind Wire Industries Ltd. Versus Commissioner Of Income Tax 1995 (212) ITR 639 has held that the period of limitation for the purpose of rectification of an order has to be counted from the date of the order which is said to be rectified and not from any other order. 6. The further submission is that on account of the order ....