S.J. Vazifdar, C.J. - (1.) This is an appeal against the order of the Income Tax Appellate Tribunal dismissing the appellant's appeal against the order of the CIT (Appeals). The matter pertains to the assessment year 2007-2008.
(2.) According to the appellant, the following substantial questions of law arise in this case:- (a) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was right in dismissing appeal of the revenue without appreciating the facts of the case (b) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was right in treating the re-assessment made u/s 143(3) r.w.s. 147, as bad in law and in holding the re-assessment as null and void when the Assessing Officer has complied with all statutory requirements for issuance of notice and had under amended provision of section reasonable belief on the escapement of income chargeable to tax as held by the Hon'ble Kerala High Court in the case of Innovative Foods Limited v. Union of India and others (356 ITR 389) (c) Whether on the facts and in circumstances of the case and in law, the Hon'ble ITAT was right in annulling the re-assessment made u/s 143 r.w.s. 147 of the Income Tax Act, 1961 on ground that re-opening of the assessment amounted to change of opinion, ignoring the explanation 1 and 2(C) to section 147 of the Income Tax Act, 1961, particularly when the notice for re-assessment was issued before the expiry of four years from the end of the relevant assessment year thus fulfilling the statutory requisites for initiating action u/s 148 as held by the Hon'ble Kerala High Court in the case of CIT v. National Tyres and Rubber Company of India Limited (202 Taxman 625)
(3.) By CM-25483-CII-2016, the appellant sought to raise the following additional questions of law:- (i) Whether the Hon'ble ITAT was correct in law in setting aside and annulling the reassessment proceedings by holding that the reason recorded for re-opining of assessment u/s 147 of the Act did not survive but without addressing the addition made by the A.O. u/s 147 read with explanation 3 of the section which came to his notice during re-assessment proceedings (ii) Whether the Hon'ble ITAT on the facts and circumstances of the case and in law was correct in setting aside the notice u/s 147 without adjudicating on the issue covered by explanation 3 to section 147 as the A.O. had made major addition on income not recorded in the reasons ;