COMMISSIONER OF INCOME TAX Vs. GOETZE (INDIA) LTD

JUDGEMENT

(1.) IN this appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), the Revenue is aggrieved by the order dated 13th July, 2007 passed by the Income Tax Appellate Tribunal (hereinafter referred to as "the Tribunal") in ITA No. 207/DEL/2005 relating to the assessment year 1997-98.

(2.) THE issue before the Tribunal was as to whether certain prior period expenses amounting to Rs. 75,96,534/- had been rightly disallowed by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) in reassessment proceedings under Sections 147/148 of the Act.

(3.) THE only issue which arises for consideration in the present case is whether the assessee had failed to disclose, fully and truly, all material facts with regard to the said prior period expenses.