17 November 2013
sec 150 overrides sec 149. So can subsequent decisions of supreme court can form the basis of reopening of assessment under sec 148 beyond 4 years even if earlier assessment was made under sec 143(3) or 147 and assessee made full n true disclosure???
18 November 2013
Section 150 in The Income- Tax Act, 1995 150. Provision for cases where assessment is in pursuance of an order on appeal, etc. (1) 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 proceeding under this Act by way of appeal, reference or revision 1[ or by a court in any proceeding under any other law].
(2) The provisions of sub- section (1) shall not apply in any case where any such assessment, reassessment or recomputation as is referred to in that sub- section relates to an assessment year in respect of which an assessment, reassessment or recomputation could not have been made at the time the order which was the subject- matter of the appeal, reference or revision, as the case may be, was made by reason of any other provision limiting the time within which any action for assessment, reassessment or recomputation may be taken.
Since 150(2)provide limits to Section 150 (1) hence the assessing officer could issue notice for reassessment only for a maximum period of six years from the end of relevant assessment year.
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