Ajit Kumar Sengupta, J. - (1.) In this reference under Section 256(2) of the Income-tax Act, 1961, for the assessment year 1962-63, an interesting question of law arises as to whether the Income-tax Officer, not having completed the assessment within the normal period of limitation of four years prescribed by the Act can, by applying the provisions of Section 271(1)(c), assume jurisdiction to make an assessment under Section 143(3) of the Act.
(2.) A statement of case was filed by the Tribunal referring the following questions of law for determination by this court: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the provisions of Section 271(1)(c) were attracted and as such justified in applying the provisions of Section 153(1)(b) of the Income-tax , Act, 1961, and in holding that the assessment was not time-barred ? (2) Whether, on the facts and in the circumstances of the case, and particularly in view of the fact that the assessee made a disclosure under Section 271(4A) of the Income-tax Act, 1961, disclosing a sum of Rs. 1,14,092 being the peak credit for the relevant assessment year long before the assessment was taken up and completed, the Tribunal was justified in law and on a proper interpretation of the provisions of Section 271(1)(c) of the said Act, in holding that the assessee had clearly concealed the income relating to the sum of Rs. 1,14,092 and the provisions of Section 271(1)(c), were clearly attracted ?"
(3.) On August 29, 1978, this court directed the Income-tax Appellate Tribunal to prepare a supplementary statement of case annexing thereto all documents and records referred to in the appellate order and produced and filed before the Tribunal, in particular those which have been referred to by the Tribunal in its said order. Pursuant to the said order, a supplementary statement of case annexing copies of documents and records produced and filed by the assessee before the Tribunal had been submitted.;