Law:

Section:

Section 150, read with sections 148,149 and 297 of the Income-tax Act, 1961 - Assessment/Reassessment - Time limit for completion of - Assessment years 1953-54 to 1961-62 - Whether section 150(1) will apply to lift bar of limitation even in a case where finding or direction is contained in an order passed under Indian Income-tax Act, 1922 - Held, yes Section 297(2)(d)(ii) of the Income-tax Act, 1961 - Repeals and savings - Assessment years 1953-54 to 1961-62 - Whether last words of section 297(2)(d)(ii) should be read to mean that where proceedings are initiated under section 148, subject to relaxations and limitation of sections 149 and 150, all provisions of Act shall apply accordingly, that is to say, in same manner as they would apply in case of proceedings normally initiated under these provisions - Held, yes Interpretation of statutes - Rule of liberal/beneficial construction FACTS The ITO completed the original assessments of the assessee for the assessment years 1953-54 to 1961-62 under the Indian Income-tax Act, 1922. There were no proceedings initiated or pending under section 34 in respect of these assessment years as on 1-4-1962. Later, on 19-3-1977, the ITO, to give effect to orders of the Tribunal and the High Court passed in the assessee's own cases relating to several years between 1949-50 and 1961-62, reopened the assessment of the assessee under section 148 of 1961 Act for the assessment years 1953-54 to 1961-62. The assessee resisted reassessment proceedings, inter alia, on the ground that these proceedings were barred by time. The ITO, however, rejected the assessee's objection stating that the reassessment proceedings in these cases were saved by the provisions of section 150(1) of the 1961 Act and the High Court upheld the order of the ITO. On appeal to the Supreme Court: HELD Section 297(2)(d)( ii) permits the issue of the notice under section 148, 'subject to the provisions contained in section 149 or section 150'. Though the words 'subject to' may be appropriate in the context of section 149 and section 150(2) which place restrictions on the issue of the notice under section 148, they are somewhat inappropriate a propos sectionl50 (1)…

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