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TMI Blog2011 (7) TMI 528X X X X Extracts X X X X X X X X Extracts X X X X ..... 240 is only declaratory and the said proviso was inserted to over come the difficulty relating to the various decisions and circulars issued by the department. In the present case having regard to the order passed by the Tribunal which has been confirmed by this Court earlier it is clear that the very notice initiating the proceedings was set aside and wherefore the case would not fall within the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... following substantial question of law:- "Whether the Tribunal was correct in reversing the finding of the Assessing Officer and the Appellate Commissioner who had held that in respect of the annulled assessment by the Tribunal earlier the Assessing Officer will not be entitled to retain the tax component under Section 240(b) of the Act along with interest on the returned income filed by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eedings under Section 148 has been set aside by the order dated 27.2.2004 and the same has been confirmed by this Court in ITA No.451/2004 c/w ITA Nos.449, 448 and 450 of 2004, which would clearly show that the order initiating the proceedings under Section 148 issuing notice has been set aside and wherefore, the case of the assessee is not covered under section 240 (a) and (b) of the Act. 6. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und become due only of the amount, if any, of the tax paid in excess of the tax chargeable on the total income returned by the assessee." 8. In the light of the decisions of the Hon'ble Supreme Court in the case of Commissioner of Income Tax vs. shelly Products and another reported in 2003 Vol. 261 ITR 367, wherein the Hon'ble Supreme Court has held that the proviso to Section 240 is only declar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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