PRAKASH KRISHNA, RAM SURAT RAM (MAURVA), JJ. - (1.) THE present appeal has been filed under Section 260 -A of the Income -tax Act, 1962, hereinafter referred to as "the Act", against the order dated 27th August, 2010 passed by the Income Tax Appellate Tribunal, Agra Bench, Agra in ITA No.238/Agr/2006 for the Assessment Year 2002 -03.
(2.) THE present appeal arises out of the reassessment proceeding under Section 147 of the Act. The Assessing Officer after recording reasons issued notice under Section 147 of the Act for the Assessment Year 2002 -03. The assessee participated in the reassessment proceeding. The reassessment was completed by making certain additions. The matter was carried in appeal and the appeal was allowed in part by the Commissioner of Income Tax (Appeals), Ghaziabad. Thereafter the matter was carried further in appeal before the Tribunal by the assessee. During the course of the appeal, the assessee raised the following ground. "Because the very initiation of proceedings u/s 147 are wrong and illegal as there is no mention of assessment year by the Assessing Officer in the reason recorded in the absence of the same the initiation of proceedings u/s 147 for A.Y.2002 -03 are also wrong, illegal, without jurisdiction and the entire proceedings and the assessment completed is invalid and deserves to be quashed." The Tribunal by the order under appeal has held that the reasons recorded by the Assessing Officer nowhere state that in which assessment year the income of the assessee escaped assessment and on this technical ground the reassessment proceedings have been set aside and the assessment has been quashed.
(3.) THE following four substantial questions of law have been framed in the memo of appeal. "(1)Whether the learned ITAT has erred in quashing the reassessment merely on the basis of non -mention of the assessment year in the reasons recorded when the assessee had not raised any such objection either before the assessing officer or the first appellate authority? (2) Whether the ITAT failed to consider the fact that the assessee had fully cooperated during the assessment proceedings and complied the notices issued by the assessing officer? (3) Whether the learned ITAT failed to consider the fact that the assessee had always understood that the proceedings of reassessment related to assessment year 2002 -03, i.e., Financial Year 2001 -02 as was mentioned vide his letter dated 7.2.05 addressed to the assessing officer? (4) Whether the ITAT erred in ignoring the provisions of section 292B and 292BB of the Act?" ;