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TMI Blog2010 (9) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... red by time, the consequential order on merits could not be implemented. In fact, in view of the assessment order under Section 143(3)/147 having been set aside, the consequential order passed under Section 154 has also to be set aside - 1285/2010 - - - Dated:- 6-9-2010 - CORAM: HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE MANMOHAN Mr. N.P. Sahni, Advocate. MANMOHAN, J: 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the respondent-assessee after recording reasons for the same. On 31st March 2005, assessment under Section 143(3)/147 of the Act, 1961 was framed by the Assessing Officer (in short, "AO"). In the said assessment, AO inter alia made some additions and computed income under Section 115JA at '9,77,60,292/- and book profit at the rate of 30% thereon, i.e., '2,93,28,087/-. 4. Upon an appeal being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal by the impugned order allowed the respondent's appeal on the ground that as the assessment order passed under Section 143(3)/147 of the Act had been annulled, therefore, all consequential orders passed by the AO and by the CIT(A) became invalid. 8. Mr. N.P. Sahni, learned counsel for the Revenue submitted that the Tribunal had erred in law in allowing the appeal and in setting aside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal has taken a view after hearing both the sides that the issuance of the notice under Section 148 of the Income Tax Act 1961 was beyond the period of four years and that the records clearly showed that the assessee had made a full and complete disclosure and the issuance of notice was, therefore, barred by time. The Tribunal agreed with the Commissioner of Income Tax (Appeals) in its conc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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