9911796707
TMI Blog2024 (7) TMI 1056X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2. The appellant through instant appeal under Section 260A of the Income Tax Act, 1961 (for short '1961 Act') is seeking setting aside of order dated 07.09.2005 passed by Income Tax Appellate Tribunal (for short 'Appellate Tribunal') in ITA No. 138 (ASR)/2003 for the assessment year 1988-89 whereby appeal of the Assessee has been accepted. 3. The appeal was admitted by this Court vide order dated 17.08.2006 to consider following questions of law: - "1. Whether in the facts and circumstances of this case order of Income-tax Appellate Tribunal, is perverse on the ground that basis of assessment did not exist after FERA Proceedings were quashed by Special Director in the Enforcement Directorate ignoring the evidence of Revenue Department ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent-Assessee has mis-declared value of goods exported by it. It is apt to mention here that respondent-Assessee had exported rice. The Enforcement Directorate was not alleging that the value declared by respondent-Assessee was on the higher side whereas allegation was that respondent-Assessee had under-valued the goods. The show cause notice was not based upon shipping bills and other export documents whereas it was based upon documents resumed during search. The show cause notices issued by Enforcement Directorate came up for consideration before Special Director, Directorate of Enforcement who vide order dated 20.02.2002 dropped the proceeding against all the noticee(s) holding that the statements recorded during search or thereafter a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring search conducted by Enforcement Directorate and statements recorded are not sufficient to make additions in the returned income. 5. The appellant-department, feeling aggrieved from order of Appellate Tribunal has preferred present appeals primarily on the ground that revision against order passed by Special Director, Directorate of Enforcement is pending before Appellate Tribunal for Foreign Exchange (for short 'ATFE'). 6. Ms. Urvashi Dhugga, Advocate fairly concedes that Special Director, Directorate of Enforcement vide order dated 20.02.2002 dropped proceedings against respondent-Assessee on merits and ATFE has dismissed revision filed by Enforcement Directorate. 7. Ms. Radhika Suri, Senior Advocate submits that it is a settled p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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