COMMISSIONER OF INCOME TAX Vs. RITIKA LIMITED

JUDGEMENT

(1.) The subject matter of challenge in the appeal is a judgment and order dated March 23, 2007, by which the learned Income Tax Appellate Tribunal, D Bench, Kolkata, allowed the I.T.(S.S)A. No. 158/Kol/2004, preferred by the assessee. The aggrieved revenue has come up in appeal.

(2.) The following question of law was formulated at the time when the appeal was admitted: Whether in the circumstances of the case, the learned Income Tax Appellate Tribunal has erred in law in passing the impugned order without appreciating that Sec. 158BB(2) specifically empowers the Assessing Officer to apply the provisions of Sec. 68 and other Sections for computing the income of the block period?

(3.) Mr. Saraf, learned Advocate appearing for the revenue-appellant, submitted that the question which was suggested and formulated at the time of admission of the appeal is not the question which really arises for determination. According to him, the question which arises for determination is as follows: Whether the order of assessment was passed within the period of two years after conclusion of the search?