2026 (7) TMI 1172

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed under Section 172(4) of the Income Tax Act, 1961 (for short "I. T. Act"). These assessments were done in relation to four vessels, namely, "Maersk Kate", "Maersk Kara", "Maersk Kiera" and "Maersk Adriatic". In all these cases, the Petitioner-Assessee had opted for an assessment to be made of his total income of the previous year and the tax payable on the basis thereof be determined as per the other provisions of the I. T. Act. This option was exercised by the Petitioner-Assessee under Section 172(7) of the I. T. Act, before any Assessment Order was passed under Section 172(4). On the basis of this option, the Petitioner-Assessee also filed his consolidated Return of Income under Section 139(1) of the I.T. Act. This return was processed ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....4)], resulting in a demand on the Petitioner-Assessee. At the same time, in the return filed by the Petitioner-Assessee under Section 139(1), the Petitioner is entitled to a refund, as per the intimation received under Section 143(1). 3. For all these reasons, the Petitioner-Assessee submits that the Assessment Orders passed under Section 172(4) cannot stand and have to be set aside. According to the Petitioner-Assessee, the Assessment Order passed under Section 172(4) is basically an adhoc assessment and/or a summary assessment as held by the Hon'ble Supreme Court in the case of A. S. Clittres D/5 I/S Garonne & Ors v/s Commissioner of Income Tax, Kerala-II (1997) 9 SCC 546]. Though in the facts of that case, there was a regular assessme....