PREETI GOYAL Vs. UNION OF INDIA

JUDGEMENT

(1.) THE petitioner has filed this petition challenging the impugned notices dt. 19.08.2010 (Annexure P/1). By the aforesaid notices, the authority initiated assessment proceedings against the petitioner under Section 153A/143(3) of the Income Tax Act, 1961 for the assessment years 2001 -02 up to 2006.

(2.) A search was carried out at the premises of the petitioner and his partners on 4.8.2006 to 6.8.2006 by the Income Tax Department. The department seized several documents. After scrutiny, department came to the conclusion that the petitioner did not pay correct tax for the years 2001 -02 to 06 -07. The petitioner filed return on 14.5.2007 and the department proceeded against the petitioner for assessment of income. The petitioner filed an application on 28.5.2007 before the Settlement Commission under section 245(C) of the Income Tax Act for settlement. The Commission passed the order on 31.3.2008. Certain reliefs were granted to the petitioner and Commission granted immunity from penalty and prosecution in respect of income disclosed before the Settlement Commission under direct taxes Act. The Commission further granted liberty to the department for review after verification.

(3.) THE contention of the petitioner in this petition is that the assessment proceedings could not continue because the statutory period for completion of assessment has already lapsed.