Allowing the appeal of the assessee the Tribunal held that. Amendment in S.150, pursuance of an order of appeal, etc. is held to be prospectively. In course of appellate proceedings Commissioner (Appeals) made on observation that issue relating to capital gain earned by assessee might be considered in relevant year, it could not be regarded as definite finding under section 150(1) and, thus, assessment could not be reopened on basis of said observation after expiry of time limit of six years as prescribed in S. 149. Accordingly the order was quashed .( AY. 2005 -06)
Pt. Rung Lal Trust v. ACIT (2018) 172 ITD 419 (Luck)(Trib.)
S. 150 : Assessment – Order on appeal –Reassessment -Assessment in pursuance of an order of appeal, etc. -Amendment is held to be prospectively -In course of appellate proceedings Commissioner (Appeals) made on observation that issue relating to capital gain earned by assessee might be considered in relevant year, it could not be regarded as definite finding under section 150(1) and, thus, assessment could not be reopened on basis of said observation after expiry of time limit of six years as prescribed in section 149- Order was quashed. [S. 147, 148 , 149]