2000 (12) TMI 3 - SCH - Income Tax

Whether, the Appellate Tribunal is correct and justified in law in holding that the expression an assessment to be made u/s 143(3), used in section 144B, is confined only to the assessment to be made u/s 143 and does not cover reassessment to be made under section 147 of the Income-tax Act with the consequence that the procedure prescribed u/s 144B and extended time limit provided in the Explanation to section 153(1) is not available to reassessment to be made under section 147 - Held, no

Summary

The Supreme Court allowed the Revenue's appeal against the High Court's judgment in favor of the assessee regarding the interpretation of the term 'an assessment' in section 144B of the Income-tax Act. The Court reversed the High Court's decision based on a previous judgment and ruled in favor of the Revenue.