2020 (1) TMI 836 - SCH - Income Tax

Revised return filed - audit report u/s 44AB - HELD THAT - In light of the decision of the High Court of Himachal Pradesh, Shimla 1997 (5) TMI 24 - HIMACHAL PRADESH HIGH COURT pertaining to assessment year 1988-1989 dated 05.05.1997,it must necessarily follow that the revised return dated 10.02.1994 filed by the appellant-assessee for the concerned assessment year 1988-1989 accompanied by audited accounts and the audit report under Section 44AB of the Income Tax Act ought to proceed further and be taken to its logical end by the Assessing Officer expeditiously. We direct accordingly. Besides this, nothing more is required to be said in this appeal except to reiterate that the assessment be proceeded on its own merits in accordance with law, including to consider all just exceptions available to the assessee.

Summary

Issues:
1. Interpretation of High Court decision on revised return for assessment year 1989-1990.
2. Directing the Assessing Officer to proceed with the assessment.
3. Emphasizing assessment to be conducted on its merits and in accordance with the law.

Analysis:
1. The Supreme Court considered the decision of the High Court of Himachal Pradesh, Shimla in C.W.P. No. 591 of 1992 dated 05.05.1997, along with the order in CWP No. 125 of 1995 for assessment year 1988-1989. The Court noted that the appellant-assessee filed a revised return dated 01.02.1994 for the concerned assessment year 1989-1990, accompanied by audited accounts and audit report under Section 44AB of the Income Tax Act. The Court held that based on the High Court decision, the revised return should proceed further, and the Assessing Officer must expedite the assessment process accordingly.

2. The Court directed the Assessing Officer to proceed with the assessment of the appellant-assessee's revised return for the assessment year 1989-1990. The directive was made to ensure that the assessment is conducted expeditiously and taken to its logical end. The Court emphasized the importance of adhering to the High Court decision and conducting the assessment in accordance with the provisions of the Income Tax Act.

3. Furthermore, the Court stated that apart from the directions given regarding the revised return and assessment process, there was no additional requirement to be addressed in the appeal. The Court reiterated that the assessment should be conducted on its own merits, following the law, and considering all just exceptions available to the assessee. The appeal was disposed of accordingly, and any pending applications were also deemed disposed of by the Court.