Yashwant Varma, J. - (1.) Heard learned counsel for the revisionist and the learned standing counsel.
(2.) The instant revision calls in question an order dated 12 April 2007 in terms of which the Tribunal, while disposing of a batch of appeals preferred by the assessee as well as the Department, has made certain observations leaving it open to the assessing authority to redraw reassessment proceedings by issuance of a fresh notice. The order passed by the Tribunal primarily seeks to validate proceedings for reassessment which had been drawn up by the assessing authority by exercise of powers conferred by section 21 of the 1948 Act. The controversy itself arises in the following backdrop of facts.
(3.) On the record is a permission letter dated 27 March 2003 penned by the Additional Commissioner in which he takes note of certain facts having come to light with respect to the assessment undertaken in Assessment Year 1996-97. The authority notes that the assessing officer had found that although certain import declarations had been shown as remaining in closing stock, it appears that the same had in fact been utilized in the year of assessment itself and not carried forwarded to the next year. The Additional Commissioner accordingly granted permission to the assessing authority to initiate proceedings for reassessment as contemplated under Section 21 of the 1948 Act. Although the assessee was called upon to show cause and give a reply, there appears to have arisen a situation where a prayer for adjournment was refused and the reassessment itself finalized thereafter.;