2008 (7) TMI 240

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.... The judgment of the court was delivered by  K. RAVIRAJA PANDIAN J. - The revenue on appeal against the order of the Tribunal dated 03.01.2008.  The relevant assessment year is 2003-04. 2. The material facts culled out from the statement of facts stated in the memorandum of appeals are  as follows:- 3. The assessee is engaged in the business of software export. For the a....

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....mpleted the assessment on 23.12.2005 whereby he has computed the business loss at Rs.3,46,544/- in respect of unit eligible for deduction under section 10A and brought to tax the interest income mentioned above as "income from other sources". The appeal against the order at the instance of the assessee to the Commissioner of Income Tax (Appeals) was not successful, though the point of reopening of....

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....d.  The revenue, aggrieved over that portion of the order, filed the present appeal by formulating the following questions of law:- "1. Whether in the facts and circumstances of the case, the Tribunal was right in holding that reassessment proceedings are not valid since the assessing officer is barred in initiating the proceedings under section 148 when the time for issuance of notice und....