2006 (9) TMI 234

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....g., 1996 under s. 143(1)(a) of the Act. On 15th July, 1998, a search under s. 132(1) of the Act was carried out and during which gold/silver ornaments, documents, bank accounts, bill books and books of account found were seized. In response to notice issued under s. 158BC dt. 29th Oct., 1998, the assessee filed return in the prescribed Form No. 2B for the block period and declared undisclosed income of Rs. 21,60,763 and also paid tax @ 60 per cent as provided under s. 113 of the Act. The returned income covered excess cash, excess silver, excess gold and deposits in the bank accounts, which were not disclosed to the Department in the regular returns, based on books of account. An order under s. 158BC(c) was passed on 8th March, 2001. and ag....

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....al against order dt. 29th March, 2004, the learned CIT(A) came to the conclusion that the AO has failed to decide the objection against the reasons given for reassessment, which is utter failure of the diktat of the Hon'ble jurisdictional High Court given in this case of Gehna vs. Union of India & Ors. (2003) 184 CTR (Raj) 446 : (2004) 267 ITR 782 (Raj); and that of the Hon'ble apex Court given in the case of GKN & Driveshafts (India) Ltd. vs. ITO (2003) 179 CTR (SC) 11 : (2003) 259 ITR 19 (SC), according to which the AO is duty bound first of all to dispose of the objections raised by the assessee, by passing a speaking order. The learned CIT(A), also considered and decided the issues on merits, besides quashing the notice issued under s. ....