2013 (5) TMI 666

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..... ORDER (Per Dr. Satish Chandra) Both the appeals have been filed by the Department against the common judgment and order dated 30.06.2005 passed by the Income Tax Appellate Tribunal, Lucknow in Second Appeal Nos. 455/Luc/2001 and 457/Luc/2001, for the assessment years mentioned above. On 28.11.2005, both the appeals were admitted by a Coordinate Bench on the following substantial question of la .....

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..... t has also granted an approval under Section 80G of the Act for the assessment year 1997-98 onwards. The assessee was also exempted from the clutches of the tax under Section 10(23C)(iv) of the Act upto the assessment year 1993-94. For the assessment years under consideration, at the relevant time, the exemption was not available. In these circumstances, the assessee has filed the returns by showi .....

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..... ons. Learned counsel further submits that during the assessment years under consideration, the notices were issued to the assessee, where the taxable income was shown at Rs.74,202 and Rs.1,67,450/- respectively for both the assessment years under consideration. He submits that during the assessment years under consideration, no exemption was available to the assessee. For this purpose, he has rel .....

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..... ble to the assessee. Lastly, learned counsel submits that during the assessment years under consideration, exemption was not available to the assessee. So, the AO has rightly reopened the assessment year. None appeared on behalf of the assessee. After hearing learned counsel for the Department and on perusal of the record, it appears that in the previous and subsequent assessment years, the exem .....

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..... ating proceedings for the reassessment, the AO has neither recorded the reasons nor satisfaction as observed by the Tribunal in its order. Needless to mention that the Tribunal is the final fact finding authority as per the ratio laid down by the Hon'ble Apex Court in the case of Kamla Ganpati vs. Controller of State Duty, 253 ITR 692 SC. In view of above and by considering the totality of the fa .....

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