Cit vs Intercontinental Trading And ...
2007 Latest Caselaw 1516 Del

ORDER

1. CM No. 10812/2007

2. Exemption allowed subject to all just exceptions.

CM stands disposed of accordingly.

ITA No. 772/2007

3. The revenue is aggrieved by an order dated 15-12-2006 passed by the Income Tax Appellate Tribunal, Delhi Bench "E" in ITA No. 114/ Del. /04 for the assessment year 1995-96.

4. The short question that has arisen in this appeal is that the Assessing Officer had recorded reasons for re-opening the assessment under Section147 of the Income Tax Act, 1961. The reasons have been reproduced in the order of the Tribunal and the Tribunal has observed that the reasons do not indicate anywhere that any income has escaped assessment. It has also been mentioned that mere under-assessment will not make it a case of omission to disclose truly and fully all material facts. Since there is nothing to suggest that the assessed failed to truly and fully disclose the material facts, issuance of a notice for re-opening the assessment would be unjustified.

5. We do not find any error in the view taken by the Tribunal.

No substantial question of law arises in this appeal.

It is accordingly dismissed.