ORDER

PER VIMAL KUMAR, JM:

1. The appeals of the Department of Revenue and assessee are against order dated 24/02/2012 of Ld. CIT(A), New Delhi [hereinafter referred to as ‘Ld. CIT(A)’] arising out of assessment order dated 28/01/2011 for the Assessment Year 2007-08.

2. Brief facts of the case are that the assessee filed return of income declaring income at Rs.22,78,72,460/- on 23/02/2008. The return was processed under section 143(1) on 24/09/2008. The case was selected for scrutiny. Statutory notice u/s 143(2) was issued on 19th September, 2008. In response to notices u/s 142(2) and 142(1) of the Act, Sh. R.K. Garg Authorized Representative for assessee company attended proceedings and submitted details in support of return as well as to the queries raised during course of assessment proceedings. The assessee is engaged in business of manufacturing of ERW pipes and tubes and trading of HR Coils, pipes zink and shocket. Draft assessment order u/s 144C r.w.s 143(3) of IT Act vide order dated 23/12/2010 proposing additions was forwarded to assessee company vide office letter dated 27/12/2010 requiring to file its objections if any u/s 144C(2) of the Act. The assessee company vide lett