JUDGMENT :

Akil Kureshi, J.

The petitioner has challenged an order dated February 27, 2012, as at exhibit S to the petition passed by the Assistant Commissioner of Income-tax, Anand, under section 179 of the Income-tax Act, 1961 ("the Act" for short).

2. The facts may be noted at the outset :

2.1 The petitioner was one of the two directors of one Agni Briquette P. Ltd. (hereinafter to be referred to as "the said company"). For the assessment year 1997-98, the said company filed its return of income declaring nil income. Such return was taken in scrutiny by the Assessing Officer. The Assessing Officer framed assessment on February 18, 2000, holding that the said company had income of Rs.26,55,117 from undisclosed sources. He also issued a notice for imposing penalty under section 271(1)(c) of the Act.

2.2 The company challenged the order of the Assessing Officer before the Appellate Commissioner. The Commissioner, however, dismissed the appeal whereupon the assessee approached the Income-tax Appellate Tribunal ("the Tribunal" for short). The Tribunal dismissed the assessee's appeal on February 23, 2007, on the ground that the notice of hearing of the appeal when sent to the company, the