HARGOVIND PANDEY Vs. PR.COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The challenge in this writ petition is to an order dated 21st December, 2016 passed by the Principal Commissioner of Income Tax ('PCIT') rejecting the Petitioner's application under Section 264 of the Income Tax Act, 1961 ('Act') on the ground of limitation.

(2.) The brief facts are that the Petitioner is the proprietor of M/s River Banks Studios. He is also the Director of River Bank Studios Pvt. Ltd. ('RBSPL'). It is pointed out that for the relevant Assessment Year ('AY') 2012-13 both the Petitioner and RBSPL have been separately assessed.

(3.) On 1st April, 2011 an MOU was entered into between the Petitioner and RBSPL by virtue of which certain assets and liabilities of the proprietorship concern of the Assessee were taken over by RBSPL. On 29th August, 2012 RBSPL filed its return of income showing a loss of Rs.1,13,181 without including the interest on certain Fixed Deposit Receipts (FDRs) which came to be transferred to it as a result of the above MOU. On 29th September, 2012, the Petitioner filed a return of income for the AY in question which included interest on the above FDRs. The Petitioner's return was processed under Section 143(1) of the Act on 6th December, 2013.