TaxTMI 
TaxTMI 
2016 (4) TMI 218
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....ubbaraya Iyer JUDGMENT Both these appeals, filed by the Revenue under Section 260A of the Income Tax Act, were admitted on 10.10.2007 on the following substantial question of law: "Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that the reopening of the assessment made by the Assessing Officer is bad in law and in annulli....
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....as exempt on the ground that the same represented bill discounting charges for the assessment year 1996-97. Similarly, it was also noticed that the assessee had claimed an amount of Rs. 1,05,20,866/- as exempt on the ground that the same represented bill discounting charges, for the assessment year 1997-98. 5. Therefore, the assessments were sought to be reopened by the issue of a notice under Se....
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....art of the assessee was indicated in the notice for reopening the assessment as an omission to indicate the nature of the discounting charges. The amount, in respect of which, the assessee claimed exemption, related to discount on treasure bills. The Department claimed that under Section 2(7) of the Interest Tax Act, discounting charges alone are excluded from the definition and that a discount on....
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....erved under Sub-Section (2) of Section 7 (whether a return has been furnished or not) a notice requiring him on a date thereon to be specified, to produce or cause to be produced such accounts or documents or evidence as the Assessing Officer may require for the purposes of this Act and may, from time to time, serve further notices requiring the production of such further accounts or documents or ....