1982 (7) TMI 76

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..... business premises and residence under s. 132(1) of the I.T. Act, 1961, hereinafter " the Act ", from October 18 to 20, 1974, and some account books, assets consisting of silver ornaments, old silver coins and Z.A.C. Bonds were seized by the income-tax authorities. The ITO passed an order under s. 132(5) of the Act on January 13, 1975, and estimated the undisclosed income relevant for the assessment year 1975-76 at Rs. 9,05,739, tax on which was determined at Rs. 8,41,661. Another order under that provision was made on April 5, 1977, and the total concealed income for the assessment year 1975-76 was estimated at Rs. 18,46,950. The total tax liability and penalty were determined at Rs. 18,27,952, and the total value of the assets seized and .....

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..... tained are to be dealt, inter alia, to defray the amount of liability determined on completion of the regular assessment or reassessment for the relevant assessment year and since in view of s. 153(1)(a)(iii) of the Act it will be a fresh assessment which will be made after the decision of the Commissioner (Appeals), the retained assets cannot be utilised for meeting any liability determined on its basis and, secondly, that after the setting aside of the assessment by the Commissioner (Appeals), there was no existing liability outstanding against the petitioner and, hence, the seized assets cannot be any further retained. We do not find any merit in either of these two submissions. There is no dispute on facts which we have stated above. .....

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..... ntioned therein obtains in a case. Lastly, in respect of escaped income proceedings are taken under s. 147 and reassessment is made under s. 148. There is no other category of assessment provided in the Act. Section 153 lays down the time limit for completion of assessments and reassessments. Under sub-s. (2A) of this section the time limit for completing the assessment in the present case would be any time before the expiry of two years from the end of the financial year in which the order cancelling the assessment was passed by the Commissioner (Appeals). In other words, under this provision the time limit in the present case for making a fresh assessment would be March 31, 1981. This provision does not provide for any particular category .....

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