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Judgment
The controversy raised in this appeal is whether assessment in pursuance of direction of the Tribunal has been made within time-limit.
Learned counsel for the appellant submits that the assessment in consequence of the order of the Tribunal is not within time-limit.
Learned counsel for the Department, Mr. Anuroop Singhi and Mrs. Parinitoo Jain submit that in view of provisions of Sub-section (1) of Section 150 of the IT Act, 1961, the assessment in pursuance of the direction of the Tribunal can be made at any time. Learned counsel for the Department further submit that even the counsel of the assessee before the Tribunal has admitted that the value of the gold and amount of Rs. 2,00,000 can be assessed in the asst. yr. 1988-89.
The finding of the Tribunal is in para 5 of its order and the relevant part where the admission of the learned counsel for the assessee has been recorded reads as under:
"We, therefore, accept the argument of the learned Authorised Representative that the value of gold and amount of Rs. 2 lakhs can be assessed only in asst. yr. 1988-89 and cannot be assessed in asst. yr. 1989-90 carries sufficient force."
The provisions of Sub-section (1) of Section 150 also provide that notwithstanding, anything contained in Section 149, the notice for assessment or reassessment or recomputation can be issued in consequence of the finding or direction given by any authority in the order of appeal, The relevant Sub-section (1) of Section 150 of the Act reads as under:
"Notwithstanding anything contained in Section 149, the notice u/s 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 proceeding under this Act by way of appeal, reference or revision or by a Court in any proceeding under any other law.
Considering the admission of the counsel for the assessee that the amount and value of the gold can be taxed in 1988-89 and provisions of Sub-Section (1) of Section 150 of the IT Act, we see no reason to interfere in the appeal.
The appeal stands dismissed at admission stage.