Case Law Details
VLS FINANCE LTD & ORS. Versus THE ASSISTANT COMMISSIONER OF INCOME TAX W.P.(C) 19774-75/2005
O R D E R
10.01.2011
The petitioner- assessee was assessed under Section 143(3) of the Income Tax Act, 1961 (Act, for short) for the assessment year 1998-99 and eventually the said assessment order was framed vide order dated 31st March, 2001. Assessment order under Section 143(3) o the Act for the assessment year 1999-2000 was passed on 31st March, 2001. On 25th June, 2001, an order of assessment was passed under Section 143(3) of the Act for the assessment year 2000-01. On 21st October, 2002, the petitioner on the basis of the said assessment orders submitted an application for grant of refund. At this juncture, on 17th January, 2003, a notice under Section 148 of the Act was issued for the assessment years, viz., 1998-99 to 2000-01. When the matter stood on 24th January, 2003, a notice under Section 148 of the Act was issued for the assessment years 1996-97 and 1997-98. On 3rd July, 2003, reassessment order under Section 143(3) of the Act was passed for assessment years 1997-98 to 2000-01. Learned counsel for the petitioner has pleaded that the petitioner submitted an application under Section 154 of the Act before the first respondent to allow the set off for brought forward loss. A writ petition W.P. (C) No. 4406/2003 was filed for quashing of the notice under Section 148 of the Act and the subsequent reassessment orders passed by the respondent No. 1. Later on the said writ petition was withdrawn. On 4th August, 2003, the petitioner was intimated that the demand had been reduced in accordance with the prayer made and it is proposed to adjust the refund due against the balance payment. Be it noted, the initial demand of Rs. 31.89 crores was reduced to Rs. 3.99 crores.
2. As is perceptible from the material brought on record, the reassessment orders passed by the Assessing Officer were quashed by the CIT-A on 18th November, 2004. Thereafter, the petitioner filed an application for grant of refund. When the matter stood thus, an order under Section 281B of the Act was passed on 28th July, 2005. The said order reads as follows:-
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