COMMISSIONER OF INCOME TAX Vs. ENGINEERS INDIA LIMITED

JUDGEMENT

(1.) The present appeal has been filed under Section 260A of the Income Tax Act,1961 (for brevity "Act") challenging the order dated 18th July, 2008 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in ITA No. 1569/Delhi/2005 for the Assessment Year 1996-1997.

(2.) Mr. Sanjeev Sabharwal, learned senior standing counsel for Revenue submitted that the Tribunal had erred in law in upholding the order of Commissioner of Income Tax (Appeals) who had quashed the re-assessment proceedings initiated under Section 147/148 of the Act.

(3.) It is pertinent to mention that the reason for reopening the concluded assessment proceedings was the decision for Assessment Year 2000-2001 wherein such warrantees, guarantees and penalties were disallowed.