Amitava Roy, J.

1. This appeal under Section 260A of the IT Act, 1961 (for short hereinafter referred to as the Act) has been filed against the order dt. 9th April, 2008, of the Income-tax Appellate Tribunal, Guwahati Bench, Guwahati (for short hereinafter referred to as the Tribunal) rendered in ITA No. 74/Gau/2007. By the order impugned, the appeal filed by the Respondent-Assessee was allowed.

2. While admitting the appeal, the following substantial question of law was framed:

Whether in a case of reassessment under Section 147 of the IT Act, 1961 where the foundation of the belief that any income chargeable to tax has escaped assessment is the charge-sheet filed against the Assessee in a criminal Court, the IT authorities should await the verdict of the criminal Court or make the assessment independent of the outcome of the criminal trial?

3. The pleaded facts, in short, are that the Respondent-Assessee is one of the persons named in the charge-sheet filed by the Central Bureau of Investigation (hereinafter referred to as "CBI") for his alleged involvement in defalcation of public money in CBI Case No. RC 1/94 of AC U-II, dt. 17th May, 1994. The assessment for his income by