M/S. SHALIBHADRA DEVELOPERS Vs. SECRETARY AND 2

JUDGEMENT

(1.) Rule. Learned counsel Mrs. Mauna Bhatt waived service of rule on behalf of the respondents.

(2.) These petitions arise in the common background. We may record facts from Special Civil Application No.7256 of 2016. This petition is filed by one M of s. Shalibhadra Developers who is a partnership firm and is engaged in the business of development and construction of residential complexes. On 7.1.2014, the petitioner was subjected to search operations. Notice under section 153A of the Income Tax Act, 1961 ( the Act for short) came to be issued on 2.7.2014. The petitioner filed the return of income in response to such notice on 27.11.2014. The assessment would have to be framed latest by 31.3.2015, failing which, the same would become time-barred.

(3.) On 1.2.2016, the petitioner wrote to the Assessing Officer that in connection with the pending assessments of the petitioner for the assessment years 2010-2011 to 2014-2015, the petitioner is in the process of filing settlement application before the Settlement Commission for settling all tax disputes. Such application would be filed within a short time. Substantial amount of tax is already paid by the petitioner. The partnership is facing financial crisis. Efforts are made to pay the balance amount which would be done shortly. Assessing Officer should therefore, keep the assessment proceedings in abeyance.