- (1.) The High court agreeing with the decision of the gujarat High court in Navanagar Transport and Industries Limited v. Income Tax officer, Special Investigation Circle-A, Ahmedabad, allowed the writ petition filed by the respondent and quashed the assessment proceedings on the ground that they are barred by time under S. 34 (3) of the Indian income Tax Act, 1922.
(2.) The decision of the Gujarat High court was taken up in appeal to this court and the same was reversed. The decision of this court is reported in M. M. Parikh, Income Tax Officer, Special Investigation Circle-B, Ahmedabad v. Navanagar Transport and Industries Ltd. and Another'.
(3.) It follows that the judgment and order of the Mysore High court cannot be sustained and they are set aside. The appeal is allowed, but there will be no order as to costs.;