- (1.) We have heard Shri Sambhu Chopra, learned counsel for the income tax department. Shri Ashish Bansal appears for the respondent-assessee.
(2.) This income tax appeal under Section 260A of the Income Tax Act, 1961 arises out of the order dated 6.2.2009 passed by the Income Tax Appellate Tribunal in ITA No.342/LUC/2008 for the assessment year 2002-03.
(3.) The department has preferred the appeal on following questions of law:- "1. Whether on the facts and circumstances of the case, Hon'ble ITAT was justified in law in canceling the action u/s.147 of the I.T. Act on the basis of information received from investigation wing leading to a bonafide belief of income escaping assessment. 2. Whether the order of the Hon'ble ITAT is perverse in as much as it failed to take into account the fact that the assessee in course of reassessment surrendered the Long Term Capital Gain thus accepting the reasons recorded by the Assessing Officer that the Long Term Capital Gain shown in the return was bogus. 3. Whether on the facts and circumstance of the case the order of the ITAT is perverse in as much as it placed wrong reliance on the decision of CIT Vs. Anupam Kapoor (Punjab & Haryana High Court) and CIT Vs. Pradeep Kumar Gupta (Delhi) wherein the question of validity of notice u/s. 147 was not an issue at all.";