Itxa/898/2011 Of The Commissioner Of Income Tax -18 v. Shri Heman T B. Waigankar (Huf)

* 1 * IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 898 OF 2011 The Commissioner of Income Tax-18V/S.Shri. Hemant B. Waigankar (HUF) .....Appellant ....Respondent * * * Mr. D.K. Kamwal, Advocate for the appellant.Mr. A.K. Jasani, Advocate for the respondent. CORAM :- J.P. DEVADHAR, & SMT. R.P. SONDURBALDOTA, JJ. 23[rd] June, 2011. P.C. :- 1. Heard. 2. The short question raised in this Appeal is whether the amount of Rs.70,00,000/- received by the assessee are liable to be taxed in the A.Y. 2003-04 or in the A.Y. 2001-02. In the original assessment order for A.Y. 2003-04, the Assessing Officer held that the amount of Rs.70,00,000/- are liable to be taxed in the hands of the assessee in A.Y. 2003-04. Challenging the aforesaid order, the assessee filed an appeal before the CIT(A) who held that the said amount of Rs.70,00,000/- are liable to be taxed for the A.Y. 2001-02. 3. Challenging the aforesaid order, the Revenue filed an appeal before the ITAT. In the meantime, the assessing officer in implementation of the order, issued notice under Setion 148 with a view to re-open A.Y 2001-02 and by an reassessment order dated 28[th ]September, 2007 assessed the amount of Rs.70,00,000/- for A.Y. 2001-02. When the Appeal came up before the ITAT, the Tribunal confirmed the order of CIT (A) and held that the amount of Rs.70,00,000/- are liable to be taxed for A.Y. 2001-02. Challenging the aforesaid order, the revenue has filed the present appeal. Admittedly, though the reassessment order for A.Y. 2001-02 has been made on protective basis, the taxes computed pursuant to the assessment order has already been assessed and that assessment order has attained finality. In these circumstances, we see no reason to interfere in the appeal. The appeal is dismissed. [SMT. R.P. SONDURBALDOTA, J] [J.P. DEVADHAR, J]