Rohit Ranjan Agarwal, J. - (1.) This appeal under Section 260-A of the Income Tax Act has been filed by the assessee challenging order dated 13.10.2005 passed by Income Tax Appellate Tribunal, Agra Bench, Agra (hereinafter called as 'Tribunal').
(2.) This appeal was admitted on 11.01.2011 on the following question of law:- "(I) Whether on a true and correct interpretation of the provisions of section 143(2), the Tribunal was legally correct in holding that non-issuance/ non-service of notice thereunder, had no bearing on the validity of Block assessment order dated 28.04.2000 as had been passed by the Assessing Officer under Section 158BC read with section 143(3) of the Act? (ii) Whether the "Tribunal" was legally correct in holding that the provisions related to service of notice under section 143(2) stood dispensed with, after the assessee was given an opportunity of being heard by issue of notice under various other sections, from time to time, which the assessee had availed by his participation?"
(3.) Brief facts of the case are that assessee was intercepted by police and was found to be carrying silver jewellery in a Maruti van weighing 242.507 kg. As the assessee could not explain source of acquisition of silver ornaments, warrant of authorisation for requisition of the same was issued under Section 132 A of the Income Tax Act (hereinafter called as 'Act') on 29.04.1998 by Commissioner of Income Tax, Agra. Assessing Officer issued and served notice under Section 158BC on the assessee on 08.10.1998. Assessee filed return in Form 2B for the block period on 23.07.1999. During course of block assessment proceedings, assessee initially surrendered 54 kg of silver ornament for taxation, the same was revised to 75 kg and finally to 100 kg. Assessing Officer treated 102.54 kg of silver ornament as unexplained and the balance as explained. The value of unexplained silver jewellery ornaments was determined at Rs.4,33,907/-. The said amount was taxed in the assessment year 1999-2000.;