9911796707
TMI Blog2012 (9) TMI 609X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 22,53,340. The case of the petitioner came to be selected for scrutiny assessment and assessment came to be framed at a total of Rs. 42,34,053 under section 143(3) of the Act. Against the additions and disallowance made in the said assessment order, the petitioner went in appeal before the Commissioner of Income-tax (Appeals), but failed. The petitioner preferred a second appeal against the said dismissal order before the Income-tax Appellate Tribunal which was pending at the relevant time. 3. Subsequently, by the impugned notice dated March 21, 2003, the assessment of the petitioner for the assessment year 1996-97 is sought to be reopened. 4. Mr. S. N. Soparkar, senior advocate, learned counsel for the petitioner subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0(15)(iv) of the Act by introducing Explanation 2 thereto whereby, it has been declared that usance interest payable outside India by an undertaking engaged in the business of ship-breaking in respect of purchase of a ship from outside India shall be deemed to be the interest payable on a debt incurred in a foreign country in respect of the purchase outside India with retrospective effect from April 1, 1962. Thus, the very ground on which the assessment is sought to be reopened no longer survives. 5. On the other hand, Mr. M. R. Bhatt, senior advocate, learned counsel appearing on behalf of the respondents opposed the application by reiterating the stand taken by the respondent in the reasons recorded for reopening the assessment. & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpiry of a period of four years from the end of the relevant assessment year, the assumption of jurisdiction under section 147 of the Act by the Assessing Officer is without authority of law. It is, therefore, not necessary to deal with the submissions advanced by the learned counsel for the petitioner on the question as to whether the ground on which the assessment is sought to be reopened survives in the light of the amendment in section 10(15)(iv) of the Act. 7. In view of the aforesaid discussion, the petition succeeds and is, accordingly, allowed. The impugned notice dated March 21, 2003, issued under section 148 of the Act, in respect of the assessment year 1996-97 is hereby quashed and set aside. Rule is made absolute accordingly, w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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