2006 (10) TMI 73

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....ell as by CIT (Appeals) that reopening of the assessment for these two years cannot be sustained. 3. The facts of the case are that, in the first instance, the respondent assessee has filed return for assessment year 1985-86 on 30/3/1985 declaring loss of Rs. 69,735/- and, thereafter on March 31, 1986 another return was filed under Amnesty Scheme declaring loss of Rs.32,565/-. A search was conducted at the assessee's premises on March 15, 1990 and proceedings were initiated under Section 147 read with Section 148 of the Income Tax Act, 1961. Finally, assessments were concluded under Section 143 (3) read with Section 147 for the two assessment years determining income from property dealing at Rs.32,000/- and 34,000/- respectively for two ....

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.... order by holding that initiation of proceedings under Section 148 was bad. That conclusion has been upheld by the Tribunal vide order under appeal. 7. Having given our careful consideration to the facts and circumstances of the case and the submissions made by learned counsel for the appellant, we are of the opinion that issues raised in these appeals are of academic importance and from the narration of facts it is apparent that first reassessment proceedings initiated after the search was conducted at the premises of respondent assessee on March15, 1990 had not attained finality and as a result of orders of the appellate forum the reassessment proceedings for the assessment years 1985-86 and 1986-87 in pursuance of notice issued prior ....