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TMI Blog2012 (8) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... person, the assessment could not have been made in the capacity of an individual - remand the matter to the CIT (A to decide the appeals on merits - in favour of revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... completed at Rs. 9,94,350/-. Feeling aggrieved the assessee preferred an appeal before the Commissioner of Income Tax (Appeals) III, Lucknow. The Commissioner of Income Tax (Appeals) vide order dated 24th December, 2009 had allowed the appeal on the preliminary ground that as the warrant of authorisation was issued in the joint names of the assessee and two other persons and the proceeding under Section 153A of the Act was initiated in the case of the appellant as individual and the assessment has also been made in the capacity of an individual, in view of the law laid down by this Court in the case of Smt. Vandana Verma (supra), the warrant having been issued in the names of all the three persons jointly, the assessment could not have taken place in the name of an individual. Feeling aggrieved, the Revenue preferred an appeal before the Income Tax Appellate Tribunal, Lucknow Bench "A", Lucknow, hereinafter referred to as "the Tribunal", which vide order dated 25th May, 2010 had dismissed the appeal. The assessments in respect of other years as also of other person named in the warrant of authorisation met with the same fate in the appeals preferred by the respective assessee bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or body of individuals consisting of such persons. (2) Notwithstanding that an authorisation under section 132 has been issued or requisition under section 132A has been made mentioning therein the name of more than one person, the assessment or reassessment shall be made separately in the name of each of the persons mentioned in such authorisation or requisition." In the Notes on Clauses of the Finance Bill, 2012 it has been stated as follows:- Clause 107 of the Bill seeks to insert section 292CC in the Income-tax Act relating to authorisation and assessment in case of search or requisition. It is proposed to insert aforesaid new section 292CC so as to provide that notwithstanding anything contained in this Act, it shall not be necessary to issue an authorisation under section 132 or make a requisition under section 132A separately in the name of each person. It is further proposed that where an authorisation under section 132 has been issued or requisition under section 132A has been made mentioning therein the name of more than one person, the mention of such names of more than one person on such authorisation or requisition shall not be deemed to construe that it was issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n under section 132A separately in the name of each person; (ii) where an authorisation under section 132 has been issued or a requisition under section 132A has been made mentioning therein the name of more than one person, the mention of such names of more than one person on such authorisation or requisition shall not be deemed to construe that it was issued in the name of an association of persons or body of individuals consisting of such persons; (iii) notwithstanding that an authorisation under section 132 has been issued or requisition under section 132A has been made mentioning therein the name of more than one person, the assessment or reassessment shall be made separately in the name of each of the persons mentioned in such authorisation or requisition. These amendments will take effect retrospectively from the 1st day of April, 1976 and will accordingly apply to assessment year 1976-1977 and subsequent assessment years." EFFECT OF THE RETROSPECTIVE AMENDMENT The Finance Bill, 2012, has been enacted into an Act by the Parliament being Finance Act, 2012. The effect of insertion of Section 292CC with retrospective effect from 1st April, 1976 is that- (1) it is not nec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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