COMMISSIONER OF INCOME TAX Vs. SONITPUR SOLVEX LIMITED

JUDGEMENT

(1.) This is an appeal preferred under section 260A of the Income-tax Act, 1961 (hereinafter referred to as, "the IT Act"), against the order dated June 3, 2011, passed in I.T.A. No. 138 (Gau) of 2007, by the learned Income-tax (Appellate) Tribunal, Guwahati Bench, whereby the learned Tribunal has allowed the appeal of the assessee-respondent and quashed the reassessment order dated March 10, 2005, made under section 147 read with section 148 of the Income-tax Act the ground for setting aside, and quashing the reassessment order being that the reassessment was not in accordance with law, the same having been barred by the proviso to section 147 of the Income-tax Act. This appeal has been admitted and heard on the following substantial questions of law:

(2.) We have heard Mr. A. Hazarika, learned standing counsel, Income-tax Department for the appellant, and Mr. R. Goenka, learned counsel for the respondent.

(3.) Considering the facts that both the substantial questions of law, formulated in this appeal are inter-woven and insevereably connected with each other, we take up both these questions for decision together.