- (1.) This is an appeal of the Revenue under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as 'the I.T. Act, 1961').
(2.) The facts of the case giving rise to the instant appeal are as under: A search and seizure operation under Section 132(1) of the I.T. Act, 1961 was conducted on 17.10.2006 in 'Banarasi Group of Cases' encompassing residential and business premises of the said Group. It is alleged that during the search and also during the assessment proceedings in respect of the 'searched person', certain incriminating material was recovered, which has been mentioned in the panchanama drawn at the residence of Jeevan Kumar Agrawal, which belonged to the respondent assessee herein. Accordingly, a notice under Section 153-C dated 27.09.2008 was issued, after recording of the requisite satisfaction calling upon the respondent to file its return. The respondent vide its reply dated 24.12.2008, submitted that the return of income, filed earlier, may be treated as filed in response to the notice under Section 153-C of the I.T. Act. The assessment in respect of the respondent-M/s Gopi Apartments was completed on 31.12.2008. The total income was assessed at Rs.1,05,93,010/- for A.Y. 2005-2006.
(3.) The respondent assessee preferred an appeal before the C.I.T. (A) I, Kanpur against the assessment order dated 31.12.2008. The C.I.T. (A) I, Kanpur vide order dated 26.02.2010 deleted the entire addition by the Assessing Officer. The Revenue filed an appeal before the Income Tax Appellate Tribunal, Lucknow Bench, Lucknow (hereinafter referred to as 'the I.T.A.T.') against the appellate order dated 26.02.2010. The I.T.A.T. vide order dated 05.10.2010 deleted the additions. The Revenue again filed appeal before the I.T.A.T. against the said order, which was set aside on 26.04.2011 and the matter was remanded back to the C.I.T. (A) I, Kanpur.;