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Issues involved: Appeals filed by the assessee against orders of the ld. CIT(A) for assessment years 2005-06 and 2006-07.
Summary: Issue 1: Search u/s 132 and assessments u/s 153A The assessee, engaged in the business of manufacturing IMFL, underwent a search u/s 132 of the Act in 2006, leading to assessments u/s 153A for the relevant years. Various additions were made, including disallowance of depreciation and expenses related to advertisement, marketing, and preliminary expenses. The Tribunal, considering arguments from both sides, directed the Assessing Officer to reconsider the entire issue afresh, following a similar order passed for assessment year 2004-05. Both parties relied on the Tribunal's decision, leading to the restoration of the issue to the Assessing Officer for a fresh consideration, ensuring a hearing for the assessee in accordance with the law. Decision: The Tribunal allowed both appeals for statistical purposes, directing the Assessing Officer to reevaluate all issues in a manner consistent with the decision made for assessment year 2004-05. The appeals of the assessee were allowed accordingly. Note: The judgment was pronounced on 12-09-2011 by the Tribunal.
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