Ramkumar, J.

In this Appeal filed under Sec. 260A of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) the Revenue assails the order dated 27-7-2005 of the Income Tax Appellate Tribunal, Cochin Bench in I.T.A.No.117/Coch.2005.

2. As per the impugned order the Income Tax Appellate Tribunal party allowed respondent/assessees’s appeal holding that the notice issued by the Assessing Officer to the assessee under Sec.148 of the Act is void ab initio and consequently set aside the re-assessment proceedings initiated against the assessee under Sec.147 of the Act.

3. The substantial questions of law formulated in the memorandum of appeal are the following: -

“I) Whether on the facts and in the circumstances of the case and the satisfaction contemplated under the statute being prior to and for the issue of notice under Sec.148 of the I.T. Act and the same (satisfaction having been found by the CIT (A) on the perusal of the reasons recorded in the miscellaneous records (vide paragraph 4 of the order of CIT (A) the Tribunal is right in law and fact in holding that there is nothing on record to show that the Assessing Officer had applied his mind and is not the finding pe