2020 (9) TMI 495

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....4.07.2013 on the following substantial questions of law: (i) Whether the Tribunal was correct in annulling the reassessment made protectively under Section 147 for the assessment years 1996-97 and 1997-98 by holding them as infructuous without going into the merits of the case when the issues with reference to unexplained cash credits of Rs. 50 Lakhs and Rs. 65,10,000/- have been found to be unexplained? (ii) Whether the Tribunal was correct in applying the provisions of sub-Section 2 to explanation (c) of section 158BA which specifically provides that income arises under Chapter XIV-B shall not be included in the regular assessment of any previous year without appreciating the observation of the Hon'ble Apex Court in ....

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....esh on merits. The assessments for the years 1996-97 and 1997-98 were re-opened under Section 147 to tax the unexplained credits protectively in view of finding given by the Commissioner of Income Tax (Appeals) in order dated 06.06.2002. The assessment was concluded under Section 143(3) read with Section 147 of the Act for both the assessment years and the total income was determined at Rs. 1,25,03,622/- and Rs. 1,31,83,189/- for assessment years 1996-97 and 1997-98 respectively which included unexplained cash credits in bank accounts to the tune of Rs. 50,00,000/- and Rs. 65,10,000/-. 4. The assessee challenged the aforesaid order in an appeal before the Commissioner of Income Tax (Appeals). In the proceeding before the Commissioner of ....