THE COMMISSIONER OF INCOME TAX Vs. MANOJ BANSAL

JUDGEMENT

(1.) The present appeal has been received on limited remit by the Hon'ble Supreme Court which had by its judgment and order CIT V. Calcutta Knitwear, 2014 362 ITR 673 directed examination of the limited question as to whether opinion formation in terms of Section 158BB of the Income Tax Act, and the time within which it had to be recorded was complied with.

(2.) The facts of the case are that a search was conducted on 3.8.2000 in the premises of Sh. Manoj Aggarwal. This led to the seizure of various documents and other materials; even the statement was recorded under Section 132 of the Income Tax Act. The present assessees were issued with a notice on 22.03.2004 by his assessing officer. It was alleged by the revenue that the notice was on account of opinion formation in terms of Section 158BB of Sh. Manoj Aggarwal's assessing officer. During the course of proceeding the matter ultimately reached the ITAT which after considering the submissions of the parties as far as the records of assessment, in the assessee's case, held that the requirement of Section 158BB were not complied with in terms of the judgment of the Supreme Court cited as Manish Maheswari V. ACIT, 2007 289 ITR 341 . The order of the ITAT became the subject matter of challenge in ITA 582/2008. By judgment and order dated 30.5.2011, this Court affirmed the findings of the ITAT. While doing so, the judgment in Manish Maheswari was considered, and so too were the other decisions of the Surpeme Court. Thereafter the Court in para 17 discussed the letter/communication dated 15.7.2003, by the assessing officer of Manoj Aggarwal, who wrote to the assessing officer of the present assessee. The relevant extract of the said letter is as follows :

(3.) The revenue's contention on that occasion was that the actual satisfaction had been recorded on the file by the assessing officer of Manoj Aggarwal on 29.8.2002. This Court in para 24 of its judgment (reported as 2011 337 ITR 217) recorded in this regard as follows :