2018 (10) TMI 136

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....or the Appellant. None for the Respondent. P.C. : 1 The two questions proposed by the Revenue for Assessment Years 2002-2003 and 2004-2005, arise out of the impugned order dated 13th February, 2015 of the Income Tax Appellate Tribunal, Mumbai Bench. 2. The respondent/assessee brought two Appeals before the Tribunal, which have been decided by a common order. The concurrent orders of th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n 143(2) of the Income Tax Act 1961 was issued within the time limit prescribed under the Statute. Thus, the return of income stood assessed and attained finality. 5. It is the case of the Revenue that thereafter search and seizure action was carried out by the Investigation Wing, Mumbai in the case of Commodities Exchange Group on 19th June, 2007. The respondent/assessee being a member of Fina....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....his came to be confirmed by the Commissioner of Income Tax (Appeals) by his orders dated 2nd February, 2010 and 8th February, 2010. 6. The aggrieved assessee approached the Tribunal. After considering the rival submissions, the Tribunal answered the legal issue in favour of the assessee. While answering it, in para 8, the scheme of the law was discussed. Then, the principle which was enunciated....