COMMISSIONER OF INCOME TAX Vs. RAM NARAIN BANSAL

JUDGEMENT

(1.) This appeal under section 260A of the Income-Tax Act, 1961 (for short "the Act") has been filed by the revenue against the order dated 21-4-2009, passed by the Income-tax Appellate Tribunal, Delhi Bench --G--, Delhi (in short "the Tribunal") in ITA No. 584 (Delhi) of 2009, relating to the assessment year 2002-03. The following substantial question of law has been claimed for determination of this Court:

(2.) The facts, in brief, necessary for adjudication as narrated in the appeal, are that on being transpired that the assessee had made deposits aggregating Rs. 21,54,32,000 in the account of different benami/bogus concerns and source of the same could not be explained, proceedings under section 147 of the Act were initiated against it on 13-3-2007. In response to said notice, reply dated 24-4-2007 was submitted wherein the assessee had stated that he had already filed the return on 1-12-2003 for the assessment year 2002-03. The assessee participated in the assessment proceedings on various dates. The reassessment was finally completed by the Assessing Officer at a total income of Rs. 1,57,70,910 vide order dated 31-12-2007 passed under section 143 (3)/148 of the Act.

(3.) The Commissioner of Income-tax (Appeals) in short "the CIT(A)", in the appeal filed by the assessee annulled the reassessment vide order dated 28-11-2008 holding that the reassessment framed by the Assessing Officer was void and bad in law as no notice under section 143(2) of the Act was issued and served upon the assessee.