- (1.) The Court : We admit the appeal on the following substantial question of law. "Whether the finding of the learned Tribunal that the proceeding under Section 153A of the Income Tax Act, 1961 initiated against the Assessee for the relevant Assessment Year to be invalid, was perverse and without any basis of law ?"
(2.) We shall hear the appeal itself on merit. The Stay Petition (G.A. No.2673 of 2016) shall stand accordingly disposed of. Let the paper books be filed within four weeks.
(3.) Mr.Khaitan, learned senior counsel appearing for the assessee waives service of notice of appeal. All other formalities for making the appeal ready shall also stand dispensed with. By consent of the learned counsel for the parties, the matter to be listed in the monthly list of March, 2018.;