- (1.) THE Revenue, at whose instance these appeals have been preferred relating to asst. yrs. 1985 -86 and 1986 -87, has challenged the common order passed by the Tribunal on 28th Feb., 2005, whereby, reassessment orders for the aforesaid two asst. yrs. 1985 -86 and 1986 -87 in the case of respondent -assessee have been quashed.
(2.) THE appellant has sought to raise the question about validity of the finding reached by the Tribunal as well as by CIT(A) that reopening of the assessment for these two years cannot be sustained. The facts of the case are that, in the first instance, the respondent -assessee has filed return for asst. yr. 1985 -86 on 30th March, 1985 declaring loss of Rs. 69,735 and, thereafter on 31st March, 1986 another return was filed under Amnesty Scheme declaring loss of Rs. 32,565. A search was conducted at the assessee's premises on 15th March, 1990 and proceedings were initiated under Section 147 r/w Section 148 of the IT Act, 1961. Finally, assessments were concluded under Section 143(3) r/w Section 147 for the two assessment years determining income from property dealing at Rs. 32,000 and 34,000 respectively for two assessment years.
(3.) ON appeal, the CIT(A) deleted the additions made for both the years, which order was set aside by the Tribunal and AO was directed to make fresh assessment in terms of the directions issued in the order dt. 8th Jan., 2002 and as a result thereof the assessment orders were reframed under Section 143(3) r/w Section 147 on 28th Aug., 2003.;