2007 (6) TMI 65

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..... te Tribunal in ITA Nos.1520 & 1521/Mds/2002 dated 31.5.2006 for the assessment years 1996-97 and 1997-98 respectively, raising the following substantial question of law. "Whether on the facts and circumstances of the case, the Tribunal was right in holding that the order under Section 154 was wrong as the issue was a debatable one, when the issue has been clearly settled by orders of the High Cou .....

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..... ssment.  On further appeals preferred by the assessee before the Income Tax Appellate Tribunal, the Tribunal, holding that the Assessing Officer has exceeded in his jurisdiction while acting under Section 154 of the Act, as the issue was a debatable one, allowed the appeals.  Hence, the present appeals. 4. In Commissioner of Income Tax v. Sharp Industries [2006] 282 ITR 336, where the c .....

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