in other words, the Tribunal was of the opinion that since their was prima facie case for initiating action under Section 271 1 c , the assessment order companyld have been made within a period of eight years from the end of the relevant assessment year, as provided by clause b of subsection 1 of Section 153, as stood at the relevant time.
This figure was arrived at after reducing the capital gains form Rs.2,52,420/ as disclosed in original return to Rs.2,52,119/ The income Tax Officer deed number companypletes the assessment before the expiry of four years form the end of the assessment year 1965 66 i.e., on or before 31st March, 1970.
The Appellate Assistant Commissioner allowed the appeals on the ground that the assessment or orders having been made beyond of four years prescribed by Section 153 1 a i as in force at the relevant time , they are bed in law.
The Tribunal agreed with the Appellate Assistant Commissioner that numberrevised return can be filed by an assesses who has field the return under Section 139 4 and that, therefore, the so called revised returns filed by the assesses were number valid in law .
In respect of the assessment Year 1965 66 also, the assessee did number file a return within the period prescribed by Section 139 2 was served upon him.
He also initiated penalty proceedings under Section 271 1 c and referred the same to Inspecting Assistant Commissioner as required by law in force at that time.
He submitted that the revised returns filed by him inadmissible in law and therefore companyld number serve to extend the period for marking the assessment as provided by Section 153 1 c .
The Income Tax Officer did number companyplete the assessment within four years of the expiry of the assessment year 1964 65 i.e., on or before 31.3.1969.
He filed a return under Section 139 4 on December 17, 1965 disclosing an income of Rs.3,76,628/ which included a capital gain of Rs.3,52,420/ .
The assessee submitted a return or August 13, 1964 disclosing a total income of Rs.42,131/ .
On July 17, 1969 the assessee filed a revised return showing the total income at Rs.2,50,719/ .
He made the assessment order only on July 6, 1970.
On January 18, 1969 he filed a revised return disclosing a total income of Rs.40,388/ .
In this year too, the Income Tax Officer initiated penalty proceedings and referred the same to Inspecting Assistant Commissioner.
He made the assessment order on January 15,1970.
The assessee also disclosed in this revised return a capital loss of Rs.1,60,672/ on the sale of a plot of land.
The Revenue challenged the decision of the Appellate Assistant companymissioner before the Tribunal.
He also disputed the companyrectness of various additions made by the Income Tax Officer.
In these appeals he disputed the vary validity of the assessment orders on the ground that they have been made beyond the prescribed period of four years.
Against the orders of assessment in respect of both the assessment Commissioner.
