1992 (3) TMI 7 - SC - Income Tax

As a result of the High Court judgment the Department is unable to complete assessments involving the application of section 44AC and that these assessments are bound to be time-barred today - operation of the High Court s judgment under appeal is suspended - permit the Department to complete assessments involving cases under section 44AC irrespective of the observations in the judgments of the High Court of limited applicability of this section

Summary

The Supreme Court issued an order to suspend the operation of a High Court judgment, allowing the Department to complete assessments without being bound by the High Court's observations. The Union of India filed Special Leave Petitions against judgments of Orissa and Punjab and Haryana High Courts related to section 44AC assessments. The Court directed a stay of the High Court judgments, enabling the Department to proceed with assessments under section 44AC.