2014 (9) TMI 1296

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....lant : Ms. Urvashi Dhugga, Advocate For the Respondent : Mr. M.R. Sharma, Advocate ORDER AJAY KUMAR MITTAL, J. 1. This appeal has been preferred by the revenue under section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 27.11.2007, Annexure A. 2 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'B' (in short, "the Tribunal") in ITA N....

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....he assessee, the Assessing Officer issued notice under section 158BC read with section 158BD of the Act on 13.9.1996 calling upon the assessee to furnish a return of income for the block period 1.4.1985 to 17.7.1995. The Assessing officer thereafter determined the undisclosed income of the assessee for the block period at Rs. 1,39,96,007/- vide assessment order dated 28.10.1996, Annexure A.1. Aggr....

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....assessments in the case of persons who were searched under section 132(1) of the Act. Hence the instant appeal by the revenue. 4. We have heard learned counsel for the parties and perused the record. 5. Learned counsel for the appellant-revenue submitted that the judgment of the Tribunal is contrary to the decision of this Court in Commissioner of Income Tax, Faridabad vs. M/s Om Parkash and....

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....158BC of the Act; and (c) immediately after the assessment proceedings are completed under section 158BC of the Act of the searched person." On the aforesaid premises, it was submitted that the matter be remanded to the Tribunal with a direction to decide the same afresh in the light of observations made in the aforesaid pronouncements. 6. Learned counsel for the respondent could not serious....