Law: Income Tax Act, 1961

Section: 150

(a) Income-tax---Reassessment---Limitation---Exclusion from period of limitation---Order which is subject-matter of appeal, reference or revision---Scope of 5.150--­Direction by Settlement Commission, in application by third party--­Section 150 is not applicable---Notice in January, 1996, to reopen assessment of 1981-82---Barred by limitation---Indian Income Tax Act, 1961, S.150. Section 150 of the Income Tax Act, 1961, provides that notwithstanding anything contained in section 149, the notice under section 148 may be issued at any time for the purpose -of making an assessment or reassessment or recomputation in consequence of or to give effect to any finding or direction contained in an order passed by any authority in any proceedings under this Act by way of appeal, reference or revision, or by a Court in any proceedings under any other law. Resort to Subsection (1) of section 150 of the Act can be taken only in cases where it becomes necessary to make assessment or reassessment or recomputation in consequence of, or to give' effect to, any finding or direction pursuant to an appellate order passed by the appellate authority or pursuant to any order in reference or revision or by a Court in any proceedings under any 'other law. Obviously, the appeal, reference, or revision or any other proceedings before a Court must relate to the assessee in question, and not any direction or assessment made in appeal, reference or revision in the case of any other assessee or in a proceedings in which the assessee in question is not a party. There was a case before the Settlement Commission in which the assessee concerned was S, a Hindu undivided family. In the said proceedings, the Settlement Commission had found that there was a complete partition in the Hindu undivided family of S as between him and his sons on November 9, 1977, and the business carried on thereafter belonged to the association of persons of the Hindu undivided families of three separated sons of S including the petitioner herein. A concession was said to have been made by counsel for the assessee in that case, that during the relevant assessment years 1981-82 to 1986-87, the combined capital of the…

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