2017 (12) TMI 64

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.... S. RAVINDRA BHAT, J. (OPEN COURT)   1. The Revenue's grievance in this case is that its appeal is rejected by the Income Tax Appellate Tribunal (ITAT) on the ground that the tax effect is lower than the stipulated amount in terms of the prevailing Circular. The assessments involving similar questions were remitted for fresh consideration to the Commissioner of Income Tax (Appeals) in th....

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....as declared as Rs. 98,850/-. Soon thereafter, proceedings under Section 148 were initiated culminating by substantial acceptance of the Assessee's arguments and not resulting in any noticeable addition - by an order dated 31.12.2007. The Assessee has produced the copy of that Assessment Order. It refers to a letter of the Directorate of Enforcement dated 28.03.2006, mentioning about some transacti....