- (1.) ACTION initiated by respondent No. 4, ITO, for completing the assessment proceedings.
(2.) CASE set out in the petition is that the petitioner is engaged in the business of construction. After assessment was completed for the asst. yrs. 1995 -96 to 1997 -98, the petitioner received notice under s. 148 of the IT Act, 1961 (for short, 'the Act') for reassessment, in response thereto, the petitioner filed revised returns, declaring the original income. an application before the Income -tax Settlement Commission (ITSC). The application was admitted vide order dt. 6th Act, making it obligatory for the petitioner to pay additional tax on the income disclosed before the Settlement
(3.) WE have heard learned counsel for the petitioner at length. Contentions raised in support of the petition are as under : (ii) Re -assessment proceedings became time -barred under s. 153(2) of the Act on expiry of the period of two years excluding the period spent in proceedings before the Settlement Commission. Admittedly, the AO received intimation of termination of proceedings before the Settlement Commission after 31st;