CIT Vs. DEEPAK KNITS AND TEXTURISE PVT. LTD

JUDGEMENT

(1.) HAVING heard learned counsel for the parties in this appeal under Section 260A of the Income Tax Act, 1961 (Act, for short), which pertains to the assessment year 2001-02, we formulate the following substantial question of law:-

(2.) AS we have heard learned counsel for the parties, we proceed to pronounce our decision on the aforesaid substantial question of law.

(3.) SUBSEQUENTLY , the Assessing Officer vide reasons recorded on 24th August, 2006, issued a re- assessment notice under Section 148 of the Act. For the sake of convenience, the "reasons to believe" recorded by the Assessing Officer are reproduced below:-