2007 (1) TMI 105

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..... mitting the appeal on 17.2.2003, the following question of law have been framed as substantial questions of law for consideration in this appeal:- "1. Whether on the facts and in the circumstances of the case, the I.T.A.T.  Was justified in quashing the notice issued on 17.6.1997 under Section 148 of I.T. Act for the Assessment Year 1993-94 by resorting to provide to Section 147 even by hold .....

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..... ice under Section 148/147 arises for consideration. In fact, the impugned notice for reassessment of the income for assessment year 1993-94 has been issued on 17.6.1997 that is to say before expiry of 4 years from the end of the assessment year 1993-94, hence, the case falls within the province of proviso to Section 147 or under Section 149 providing limitation for initiating proceeding under Sect .....

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..... round that it was issued without obtaining prior approval from the Addl. CIT and hence, after seeking prior approval of the Addl. CIT fresh notice was issued under Section 147/148 on 17th June, 1997. The assessee has raised contention that since first notice was already pending, the second notice could not have been issued and secondly, that there is no provision in the Income Tax Act to vacate th .....

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..... the assessee as unexplained investment or cash credit in the assessment year 1993-94 was the same amount which was credited in the books of account of the assessee for previous year ending on 31st March, 1992. The Tribunal has categorically come to a finding, and that finding is not under challenge, that this is not a case of cash credit entered in the books of account of the assessee during the .....

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..... year does not become an investment or cash credit generated during the relevant year 1993-94. This alone is sufficient to sustain the order of the Tribunal in deleting the amount of Rs.1,55,316 from the assessment for assessment year 1993-94. Since the appeal succeeds on the merit of the assessee's case in respect of the additions made in the income computed on reassessment the validity of notice .....

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