COMMISSIONER OF INCOME TAX Vs. VALVOLINE CUMMINS LTD.

JUDGEMENT

(1.) THIS appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (Act, for short), which pertains to assessment year 2006 -07, has to be dismissed, albeit for slightly different reasons as recorded in the order dated 29th November, 2012 passed by the Income Tax Appellate Tribunal (Tribunal, for short).

(2.) THE respondent -assessee had filed return of income declaring income of Rs.9,52,15,517/ - for the assessment year 2006 -07 on 30th November, 2006. After issue of notice under Section 143(2), assessment order under Section 143(3) was passed on 24th December, 2008 accepting the returned income.

(3.) THE "reasons to believe" as recorded by the Assessing Officer for initiating re -assessment proceedings read as under: -