PREMKUMAR K KHATRI Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The assessee has filed this appeal challenging the order of the Income Tax Appellate Tribunal 'B' Bench, Chennai, dated 28.2.2005 made in I.T.A.No.2957/Mds/2004 for the assessment year 2001-2002, and the same was admitted on the following questions of law:

(2.) This is an appeal by an over enthusiastic assessee, who, having fairly conceded before the Tribunal that the assessments of earlier years in which purchases were made can be reopened and he would have no objection to such action, is now challenging the direction given by the Tribunal to the Assessing Officer to reopen the assessment invoking Explanation 2 to Section 153 of the Act.

(3.) The brief facts of the case are as under: The assessee is a wholesale dealer in cloth. For the assessment year 2001-2002, he filed return of income on 9.10.2001. The return was processed under Section 143(1) on 18.10.2002. The regular assessment under Section 143(3) of the Act was completed on 26.3.2004.