Law:

Section:

Section 150, read with section 153, of the Income-tax Act, 1961 - Income escaping assessment - In pursuance of an order on appeal, etc. - Assessment year 1983-84 - Assessee sold certain agricultural land to State Sheep Development Corporation for a sum of Rs. 5 lakhs - He filed his return declaring nil income - Assessment was completed assessing long-term capital gain on sale of land at Rs. 1.62 lakhs - On appeal, assessee contended that where a sale deed was properly registered under provisions of Registration Act, transaction took effect from date of original sale deed - Thus, according to assessee, transfer stood completed on 8-3-1983 and, hence, capital gain on said transaction would not be taxable in assessment year 1984-85 - Commissioner (Appeals) accepted plea of assessee and vide order dated 16-2-1996, allowed appeal holding that long-term capital gain arising on sale was liable to be taxed in assessment year 1983-84 and not 1984-85 and, accordingly, deleted addition - Liberty was, however, reserved for Assessing Officer to bring long-term capital gain to tax in assessment year 1983-84 as per law - In light of order made by Commissioner (Appeals), Assessing Officer issued notice dated 7-8-1996 under section 148 for reopening assessment for assessment year 1983-84 - Assessee, filed instant writ petition challenging validity of notice on ground that it was barred by limitation - It was apparent from records that in consequence of and with a view to give effect to finding contained in order made by Commissioner (Appeals) in appeal for assessment year 1984-85, Assessing Officer had issued notice under section 148 for assessing income which was excluded from total income of assessee for assessment year 1984-85, to assess such income for assessment year 1983-84 - Whether on facts, instant case clearly fell within ambit of provisions of section 150 as well as section 153(3)(ii) read with Explanation 2 to section 153 and as such there was no infirmity in action of Assessing Officer in initiating reassessment proceedings, same being in consonance with provisions of law and within prescribed time-limit - Held, yes - Whether, therefore, petition filed by assessee…

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