Law:

Section:

Section 254 read with section 147 of the Income-tax Act, 1961 (corresponding to section 33(4) read with section 34 of the Indian Income-tax Act, 1922) - Appellate Tribunal - Order of - Assessment year 1947-48 - Assessee challenged reassessment order passed against it whereby ITO assessed an amount as concealed income of assessee - Tribunal without considering assessee's plea regarding justification of reassessment proceedings held against assessee - Whether in absence of any material to suggest that assessee had given up said plea, matter was to be remanded to Tribunal to decide whether ITO was justified in initiating reassessment proceeding - Held, yes FACTS The original assessment on the assessee for 1947-48 was made on 19-3-1952. The ITO subsequently came to know of an alleged purchase of Government security for Rs. 3 lakhs by assessee's father-in-law. The ITO initiated reassessment proceedings against the assessee and by his reassessment order assessed an amount that was utilised for purchasing government securities as concealed income of the assessee. On appeal, the AAC upheld the reassessment order and also dismissed the assessee's plea that the securities in question were not assessee's properties. On further appeal, the Tribunal sought a report from the ITO, as it was of the opinion that both sides, namely, the assessee and the revenue, had failed to bring on record more convincing material in support of their submissions. After receipt of the remand report, the Tribunal without considering the plea of the assessee regarding the validity of the reassessment order held against the assessee. On reference : HELD Justification of initiation of reassessment proceedings was a very vital plea. There was nothing on the record, except the bald statement in the statement of the case, to suggest that the said plea had been given up by the assessee. The assessee did seem to have accepted the view of the Tribunal that the plea need not be gone into at the stage of ordering a remand in order to elicit further material. However, this did not mean that the assessee gave up the plea for all time. It was necessary to decide that question. Therefore, the Tribunal was…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492