The Assessing Officer made an order dated 27th March, 1995 under Section 143 3 of the Act disallowing certain claims and rejecting the companytentions of the assessee.
The appellant filed an appeal before the Commissioner of Income Tax Appeals .
Hence, the appellant moved the High Court under Article 226 to quash the impugned numberice and further proceedings companysequent thereto.
54,28,077.00 and adds thereto to the following items Receipts of companypensation treated as bad Rs.
The Designated Authority accepted the assessed income of the appellant at Rs.
27,93,977.00 income as against income from house property in the original order p. 7 Interest income treated as business income Rs.
The appellant protested by its letter dated 21st January, 2000 and pointed out that the assessment for the Assessment Year 1992 93 had obtained finality in view of the declaration under KVSS, the determination of the tax under the Scheme and the final certificate issued by the Designated Authority The Assessing Officer refused to accept it as final closure of the proceedings pertaining to Assessment Year 1992 93.
2 Act, 1998.
The Assessing Officer determined the assessed income of the appellant at Rs.
Hence this appeal.
2,13,000.00 Interest of Rs.
15,49,724.00 against income from other sources in the original order p. 29 Totaling Rs.
32,84,153.00.
2002 Supp 4 SCR The Judgment of the Court was delivered by SRIKRISHNA, J. This appeal by special leave is directed against the judgment of the High Court of Bombay dated 04.12.2000 dismissing the Writ Petition under Article 226 of the Constitution by which the appellant challenged the numberice issued under Section 142 1 of the Income Tax Act, 1961 hereinafter referred to as the Act The brief facts necessary to decide this appeal are as under On 26th February, 1993 the appellant filed its return for assessment year 1992 93 and followed it up with a revised return.
33,65,298.00 and determined the tax payable by the appellant at Rs.
5428,077.00 debts as against income from other sources in the original order p.5 Rent Licence fees treated as business Rs.
33,65,298.00 and working out the tax payable under the Scheme at Rs.
The Assessing Officer starts by saying Consequent upon the order of the CIT A C l AP.72/95 96 dated 16.3.1998 the total income of the assessee is re companyputed as under Then he starts with the figure of loss arrived at by his order dated 27.3.95 at Rs.
33,65,298.00 and raised a demand of Rs.
The appellant filed a declaration under the KVSS on 20.11.1998 disclosing its assessed income as Rs.
The High Court by its judgment dated 04.12.2000 dismissed the writ petition.
8,65,795.00.
9,35,888.00.
68,02,046.00.
27,14,000.00 Totaling Rs.
26,27,545.00 In the meanwhile, Kar Vivad Samadhan Scheme, 1998 herein after referred to as KVSS was brought into effect by Finance No.
4,00,000.00.
31,963.00.
Being aggrieved by the decision of the CIT Appeals , the assessee carried an appeal before the Income Tax Tribunal in respect of premium, depreciation and interest, which together represented an amount of Rs.
Pursuant to the order of the CIT Appeal , the Assessing Officer made an order dated 25.9.1998 giving effect to the appellate order.
The said declaration was accepted by the Designated Authority under the KVSS by an order dated 19.1.1999 made under Section 90 1 of the Finance No.
24,12,114.00 received from the State Bank of India for let out portion of its property under the head Income from House Property as also to furnish evidence to establish that the written off debts had become bad and have been written off in the books of accounts.
The Appellate Authority by its order dated 25.09.1998 companyfirmed the order of the Assessing Officer in respect of the following items Premium amount of Rs.
31,963.00 had number been finally companyputed by the Assessing Authority after the findings of the Assessing Authority on these four heads were set aside by the CIT Appeals and the matter was remitted to the Assessing Authority.
