Transaction once accepted as genuine in assessment can’t be raised in reassessment proceedings

HIGH COURT OF ALLAHABAD Commissioner of Income-tax Versus Smt. Saroj Agarwal IT Appeal No. 242 of 2007 SEPTEMBER  27, 2012 ORDER 1. We have heard Sri Dhananjay Awasthi for the appellant. Sri R.R. Agrawal appears for the respondent-assessee. 2. This Income Tax Appeal under Section 260-A of the Income Tax Act, 1961 (the Act) is directed against the order dated 23.06.2006, passed by the Income Tax Appellate Tribunal, Delhi Bench ‘SMC’, New Delhi in Income Tax Appeal No. 3590/Del/2003, relating to the Assessment Year 1997-98, by which the department’s appeal wa...