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(ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year.‖

12. We have deliberated on the aforesaid statutory provision and are of the considered view that a bare perusal of the same reveals that it has been clearly provided that an assessment or reassessment, if any, relating to any assessment year falling within the period of six assessment years referred to in Sec. 153A(1), pending on the date of initiation of the search under section 132 or making of requisition under section 132A, as the case may be, shall abate. We further find that Sub-section (2) of Sec. 153A provides that where any proceedings initiated or any order of assessment or reassessment made under Sec. 153A(1) is annulled in appeal or any other legal proceeding, then, notwithstanding anything contained in sub-section (1) of Sec.153A or Section 153, the assessment or reassessment relating to any such assessment year which had abated under the second proviso of Sec. 153A, shall stand revived with effect from the date of receipt of the P a g e | 17 ITA Nos. 2370 to 2373/Mum/2017 Wind World India Infrastructure Pvt. Ltd., Wind World Wind Resources Development Private Limited & J.N Investment & Trading Co. Pvt. Ltd.

13. We find that our aforesaid view also stands fortified from the very fact that sub-section (2) of Section 153A further contemplates that where any order of assessment or reassessment made u/s. 153A(1) is annulled on a further appeal or any other legal proceedings, then, notwithstanding anything contained in Sec.153A(1) or section 153, the assessment or reassessment relating to any assessment order which had earlier abated under the second proviso of sub-section (1), shall stand revived with effect from the date of receipt of the order of such P a g e | 18 ITA Nos. 2370 to 2373/Mum/2017 Wind World India Infrastructure Pvt. Ltd., Wind World Wind Resources Development Private Limited & J.N Investment & Trading Co. Pvt. Ltd.

annulment by the Principal Commissioner of Income tax or Commissioner of Income tax. We are of the considered view that a revival of an assessment or reassessment relating to any assessment year which had earlier abated under the second proviso of Sec. 153A(1), in a situation where the proceedings initiated or any order of assessment or reassessment made under Sec. 153A(1) is annulled on a further appeal or any other legal proceedings, thus, would therein lead to resurfacing of the assessment or reassessment proceedings relating to any such assessment year, which was pending on the date of initiation of the Search & seizure proceedings u/s. 132, but had abated due to the initiation of the search proceedings. We further find that as per Sec. 153A(2), the framing of such resurfaced assessment or reassessment would not be fettered by the „time limit‟ contemplated in section 153(1), which shall stand lifted. Thus, it can safely be concluded that an annulment of an order passed u/s. 153A would lead to revival of the assessment and reassessment proceedings which earlier stood abated, and the time limits contemplated u/s. 153(1) for proceeding with and framing of such revived assessment and reassessment, would stand lifted. We find that if the contention of the ld. D.R that in a case which on the date of initiation of Search & seizure action is preceded by a processing of the „return of income‟ u/s 143(1), despite absence of any pending assessment or reassessment proceedings is to be construed as abated, and the entire assessment in the case of the assessee is thrown upon before the A.O in the course of assessment proceedings u/s 153A, is accepted, then it is beyond our comprehension that how in case of annulment of the assessment framed u/s 153A, the processing of the „return of income‟ u/s 143(1) can by any means lead to revival of any assessment or reassessment P a g e | 19 ITA Nos. 2370 to 2373/Mum/2017 Wind World India Infrastructure Pvt. Ltd., Wind World Wind Resources Development Private Limited & J.N Investment & Trading Co. Pvt. Ltd.

as contemplated u/s 153A(2). We had consciously, purposively and intentionally referred to Sec. 153A(2), in order to fortify our view that what stands abated on the initiation of Search & seizure proceedings u/s. 132(1) is only an assessment or reassessment pending on the date of search & seizure proceedings, which on annulment of the assessment framed u/s 153A(1), on an appeal or in the course of any legal proceedings, shall stand revived, without being fettered by the time limitation for framing of such assessment or reassessment, as provided in Sec. 153(1). We find that as processing of a „return of income‟ u/s 143(1) does not fit anywhere in the aforesaid scheme, therefore, on the said basis too our aforesaid view that a processing of a „return of income‟ u/s. 143(1), in the absence of any pending assessment or reassessment proceedings on the date of initiation of the search & seizure action, cannot be held to have been abated, stands fortified.