2007 (1) TMI 105

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....dhpur dated 6^th Dec., 2001. While admitting the appeal on 17.2.2003, the following question of law have been framed as substantial questions of law for consideration in this appeal:- "1. Whether on the facts and in the circumstances of the case, the I.T.A.T.  Was justified in quashing the notice issued on 17.6.1997 under Section 148 of I.T. Act for the Assessment Year 1993-94 by resorting....

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....tion for assuming jurisdiction to issue notice under Section 148/147 arises for consideration. In fact, the impugned notice for reassessment of the income for assessment year 1993-94 has been issued on 17.6.1997 that is to say before expiry of 4 years from the end of the assessment year 1993-94, hence, the case falls within the province of proviso to Section 147 or under Section 149 providing limi....

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....sued by the Assessing Officer inter alia on the ground that it was issued without obtaining prior approval from the Addl. CIT and hence, after seeking prior approval of the Addl. CIT fresh notice was issued under Section 147/148 on 17^th June, 1997. The assessee has raised contention that since first notice was already pending, the second notice could not have been issued and secondly, that there ....

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....e is no dispute that the amount added in the income of the assessee as unexplained investment or cash credit in the assessment year 1993-94 was the same amount which was credited in the books of account of the assessee for previous year ending on 31^st March, 1992. The Tribunal has categorically come to a finding, and that finding is not under challenge, that this is not a case of cash credit ente....