INCOME TAX OFFICER Vs. K L SRIHARI HUF

JUDGEMENT

(1.) By order dated 19.11.1996, these special leave petitions have been directed to be placed before the three-Judge Bench because it was felt that dissonant views have been expressed by different Benches of this Court on the scope and effect of reopening of an assessment u/s. 147 of the Income-tax Act, 1961. It has been pointed out before us that the matter has earlier been considered by a Bench of three Judges in V. Jaganmohan Rao V/s. CIT/CEPT, 1970 75 ITR 373 (SC) and the observations in the said case came up for consideration before two-Judges Bench of this Court in ITO V/s. Mewalal Dwarka Prasad, 1989 176 ITR 5291 and in CIT V/s. Sun Engg. Works (P.) Ltd., 1992 198 ITR 2972 and that there is a difference in the views expressed in said later judgments.

(2.) We have heard Shri Ranbir Chandra, the learned counsel appearing for the petitioners, and Shri Harish N. Salve, the learned senior counsel appearing for the respondents. We have also perused the original assessment order dated 19.03.1983, as well as the subsequent assessment order that was passed on 16.07.1987, after the reopening of the assessment u/s.147. On a consideration of the order dated 16.07.1987, we are satisfied that the said assessment order makes a fresh assessment of the entire income of the respondent-assessee and the High Court was, in our opinion, right in proceeding on the basis that the earlier assessment order had been effaced by the subsequent order. In these circumstances, we do not consider it necessary to go into the question that is raised and the same is left open. The special leave petitions are, accordingly, dismissed.