RITZ LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) THE insertionof words 'filed on or before or after the 1 -6 -1988' and ' and shall be deemed always to have extended' at two palces in the Explanation as well as the fact that insertion is made retrospective from the date onwhich the Explanation it self was inserted can all be given proper meaning if it is held that these words are to be read in the Explanation right from the date the Explanation itself was inserted. Thus, only in cases where action under s. 263 is taken after 1 -6 -1988, the merger of assessment order will be treated as confined to issues actually considered and decided in appeal in terms of the Explanation (c). The construction placed herein is based on sound logic, namely irrespective of the language in which the amendment provisions are couched, the amendment cannot be retrospective with effect from a date earlier to the date onwhicht he provision sought to be amended itself was brought on the statute book. Income Tax Act 1961 s.263

(2.) APPEAL (Tribunal) - -POWER - -Refusal to grant stay to reassessment proceedings - -If the assessment are not allowed to be completed even after 20 years, the creditors who made confession will not be available - -Tribunal justified in not granting the stay of the reassessment proce

(3.) APPEAL (Tribunal) - -POWER - -Stay of reassessment proceeding - -Pendency of reference before High Court - -Powers of Tribunal are wide enough and carries with them all powers and duties incidental and necessary to make the exercise of these powers fully effective