COMMISSIONER OF INCOME TAX Vs. ARORA ALLOYS LTD.

JUDGEMENT

(1.) THE Revenue has preferred this appeal under s. 260A of the IT Act, 1961 (for short, "the Act") against the order dt. 11th 05, proposing to raise the following substantial question of law :

(2.) THE AO initiated proceedings for reassessment and made certain additions to the declared income of the assessee. The basis for reassessment was proceedings under the Central Excise Act showing clandestine removal of stocks outside the books of account. The CIT(A) deleted the said additions, taking into account the finding of the higher authority in proceedings under the Central Excise Act. On further appeal, the Tribunal directed the framing of a fresh assessment keeping in view the judgment of this Court in CIT vs. K.S. Bhatia (2001) 171 CTR (P&H) 310 : (2002) 257 ITR 614 (P&H), after the Excise Tribunal decided the appeal of the Department.

(3.) WE have heard learned counsel for the parties.