- (1.) WE have heard learned counsel for the parties.
(2.) WITH respect to the asst. yr. 1995-96 the notice for reopening under s. 148 of the IT Act was given on 14th May, 1997. The AO passed an order completing the assessment on 10th March, 2000. It was annulled by the order of CIT(A), dt. 5th June, 2000. The Department preferred an appeal before the Tribunal against the said order which is still pending. During the pendency of the said appeal, the Department has issued notice under s. 148 to the petitioner. Considering the facts and circumstances of the case, we consider it appropriate to stay the proceedings initiated by notice dt. 7th June, 2001, under s. 148 of the IT Act until the decision of the appeal preferred by the Department which is pending before the Tribunal. The matter will be called on an application by either of the parties as and when the appeal pending before the Tribunal is disposed of.;