COMMISSIONER OF INCOME TAX Vs. AMITRONICS (P) LTD.

JUDGEMENT

(1.) JUDGMENT 1. These appeals are filed by the Revenue being aggrieved by the order passed by the Income Tax Appellate Tribunal in ITA Nos. 299 to 302/Bang/2003 pertaining to the assessment years 1992 -93, 1993 -94, 1994 -95 and 1995 -96 in respect of the same assessee wherein the appeals filed by the assessee have been allowed in part. The material facts leading up to these appeals are as under:

(2.) THESE appeals are admitted on 11 -3 -2010 to consider the following substantial questions of law.

(3.) LEARNED counsel appearing for the appellant submitted that in view of the provisions of Section 147, the order of assessment for the assessment years 1992 -93, 1993 -94, 1994 -95 and 1995 -96 is sought to be re -opened by issuing notice on 11 -12 -1996 after recording the satisfaction of the Assessing Officer. It is submitted with reference to the original records which are made available to this Court for perusal that the notice was issued on 11 -12 -1996 within four years after the conclusion of the assessment year 1992 -93 which is the earliest assessment year and therefore the power has been exercised within four years and is during the period of limitation. It is further submitted that the Assessing Officer has recorded his satisfaction before issuing notice based upon the material on record and it is not based upon the change of opinion as contended and therefore the same is also justified. The material on record would further show that in view of the statement of Chartered Accountant and the Director whose statements have been recorded during enquiry, the commission paid to M/s. Transhed Electronic Limited would be the business expenditure and the Tribunal was not justified in disallowing the petition and granting benefit to the assessee.