2005 (2) TMI 434

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....cence issue by Punjab & Excise Taxation Department w.e.f. 1st April, 1988 and in order to obtain licence, the partners of the firm contributed capital on 28th March, 1988. However, the AO observed that the assessee failed to explain the source of investment aggregating to Rs. 2.45 lakhs made by the partners in the firm. Therefore, while completing assessment for the asst. yr. 1989-90 in the case of the firm, the AO made an addition of Rs. 2.45 lakhs. The assessee impugned the additions in appeal before the CIT(A). It was submitted before the CIT(A) that the investments were made on 28th March, 1988 and as per provisions of s. 69 of the IT Act, the addition, if any, could have-been made in the asst. yr. 1988-89 and not in the asst. Yr. 1989-....

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....is liable to be deleted and the learned CIT(A) has rightly deleted the same for the reasons stated by us. We find no merit in the grounds of appeal of the Revenue and the same are rejected. Consequent upon the same, the appeal of the Revenue is dismissed and the order of the learned CIT(A) is sustained." The Revenue has accepted the findings of the Tribunal and no further appeal/reference application to the High Court was filed. 4. Thereafter, relying on the order of the Tribunal and by considering the fact that these were directions of the Tribunal that addition, if any, could have been made only in the asst. yr. 1988-89, when the AO issued a notice under s. 148 on 21st Feb., 2001, the assessee failed to file the return for the asses....

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....order dt. 21st Feb., 2000 in ITA No. 618/ Asr/1993 for the asst. yr. 1989-90. A copy of the same was placed on my file. He submitted that the notice issued under s. 148 by the AO was barred by time and, therefore, the assessment completed by the AO deserves to be quashed. 7. The learned Departmental Representative, on the other hand, heavily relied on the orders of the authorities below. 8. I have heard both the parties and given my thoughtful consideration to the rival contentions with reference to facts, evidence and material on record. From the facts discussed above, it is obvious that the learned CIT(A) had dismissed the appeal for the asst. yr. 1989-90 on the ground that the investment having been made on 29th March, 1988, the sa....