Law:

Section:

section 59 of the estate duty act, 1953-reassessment-general-whether section 59 which was introduced from 1-7-1960 could be invoked to reopen assessments which had become final before that date-held, no Facts The estate duty assessment in this case became final on 29-2-1960. Thereafter, the Assistant Controller noticed that certain shares in companies forming part of the estate had been undervalued. Invoking the provisions of section 59 which came on the statute book with effect from 1-7-1960, he issued a notice for reopening the assessment on 15-2-1962. The reassessment made by the Assistant Controller was confirmed in first appeal. However, the Tribunal in second appeal quashed the reassessment orders by holding that since the original assessment had become final prior to coming into force of section 59, it was not open for the department to reopen the assessment. On reference: Held The amending Act which introduced section 59 did not contain an express provision enabling reassessments in cases where the proceedings had become final, nor was there any intendment unmistakably pointing to that effect. The jurisdiction to make reassessment was conferred for the first time only from 1-7-1960, and must, therefore, be confined to assessments made on or after that date. Section 59 was prospective in operation, which did not, either expressly or by intendments take away the right vested in an accountable person to the finality of an assessment made prior to 1-7-1960. The reassessment was thus rightly quashed. Case review J.P. Jani, ITO v. Induprasad Devshanker Bhatt [1969] 72 ITR 595 (SC) applied. Calcutta Discount Co. Ltd. v. ITO [1961]41 ITR 191 (SC) and S.C. Prashar v. Vasantsen Dwarkadas [1963] 49 ITR 1 (SC) distinguished. Cases referred to RM.AR.AR.RM.AR.AR. Ramanathan Cheltian v. CIT [1967] 63 ITR 458 (SC), CIT v. Krishna & Sons [1968] 70 ITR 733(SC), Ayha Abdul Jabbar Khan v. CIT [1971] 82 ITR 872 (SC), CIT v. Dhanrajgirji Raja Narasingirji [1973] 91 ITR 544(SC), Calcutta Discount Co. Ltd. v. ITO [1952] 21 ITR 579 (Cal.), S.C. Prashar v. Vasantsen Dwarkadas [1963] 49 ITR 1 (SC), J.P. Jani, ITO v. Induprasad Devshanker Bhatt [1969] 72 ITR 595 (SC), ITO v.…

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