1997 (9) TMI 25

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..... come-tax Act, 1961 (for short, "the Act") : "Whether, on the facts and circumstances of the case, the Appellate Tribunal is right in law in holding that order made under section 144B of the Income-tax Act was bad in law and the assessment made on May 26, 1984, is barred by limitation ?" The assessee-company derived income from the export of handicrafts, brassware, etc. A return was filed for .....

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..... allenged the assessment on the ground that the Income-tax Officer wrongly followed the procedure laid down in section 144B of the Act and, therefore, the extended period of limitation was not available for completing the assessment. It was claimed that the Income-tax Officer had concurrent jurisdiction along with the Inspecting Assistant Commissioner under section 125A of the Act and, therefore, i .....

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..... eptember 25, 1997, and it has been held that sub-section 97) of section 144B was not attracted and the procedure laid down in that section, was rightly followed as the Income-tax Officer, having concurrent jurisdiction with the Inspecting Assistant Commissioner under section 125A of the Act, proposed to make variation in the income of the assessee exceeding Rs. 1,00,000. Following the said view, t .....

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