9911796707
TMI Blog2000 (11) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... i.e., son, mother, wife and son, respectively, are the legal representatives of the assessee, namely, one Sri S. V. Gopal Rao. On January 27, 1983, a search was conducted in the business premises of S. V. Gopal Rao and that culminated in substantial demands for the assessment years 1982-83 to 1984-85 directing the assessee to pay a sum of Rs. 14,50,000 towards income-tax and Rs. 10,000 towards pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e properties vide proceedings No. 1/87-88/SIC/IT/VSP dated July 31, 1987, as illegal, void and arbitrary and also the same is barred by limitation and violative of rule 68B of the Second Schedule to Income-tax Act, 1961 (for short "the Act"). In response to rule nisi, the respondent authorities have filed a counter affidavit opposing the claim of the petitioners. The two contentions placed befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e relevant provisions of sub-rules (1) and (3) of rule 68B of the Second Schedule to the Act. "68B. (1) No sale of immovable property shall be made under this Part after the expiry of three years from the end of the financial year in which the order giving rise to a demand of any tax, interest, fine, penalty or any other sum, for the recovery of which the immovable property has been attached, ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial year is 1992-93 for the purpose of computation of limitation, and that financial year came to an end by March 31, 1993. If the period of three years was to be reckoned from that date, that period would expire on March 31, 1996, whereas admittedly the sale was conducted on July 18, 1995. Therefore, the contention that the sale was conducted beyond the prescribed period of three years is unten ..... X X X X Extracts X X X X X X X X Extracts X X X X
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