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TMI Blog1982 (7) TMI 142X X X X Extracts X X X X X X X X Extracts X X X X ..... A No. 278/Chandi/80, to the High Court of Punjab and Haryana at Chandigarh: "Whether, on the facts and in the circumstances of the case, the Tribunal has been right in law in confirming the order of the AAC cancelling the reassessment framed by the ITO?" In as much as, in our opinion, since the reference of the above said question shall only be academic, we are unable to accept the request o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income of the assessee. 3. Subsequently in the light of the following reasons, the ITO issued a notice under s. 148: "27th June, 1979 The assessee had added back half share of profit of minors under s. 64 (Sh. Anup Kumar and Sh. Ajay Kumar, minors) with the argument that Amendment Act comes into force w.e.f. 1st Oct., 1975. Audit has pointed out that this amendment is applicable from 1st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... share income of the two minors for the whole of the accounting period ending on 31st March, 1976. 4. When the assessee carried the matter before the AAC, he disputed the very proceedings initiated under s. 147 and the AAC accepting the same cancelled the order of the ITO, as she came to a finding that it was as a result of audit objection and in the light of Supreme Court decision in the case o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same has been filed in the hands of the minors. Perusal of the original assessment order also shows a mention of the minors income for the specified periods. Perusal of the reasons recorded also shows that it is in r/o audit objection which deals with the applicability of amendment observing that it does not cover the period from 1st Oct., 1975 but the year as a whole. We further found that Memo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. This addition will involve addl. tax demand of Rs. 12,333. From the above details, it is clear that the reassessment proceedings were initiated as a consequence of audit objection. In the light of this discussion and for the reasons given by the AAC, we confirm her action." 6. From the above finding, it is clear that the Tribunal's decision is based on Supreme Court judgment in the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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