This appeal by assessee-firm is directed against order of CIT(A), dt. 9th July, 2003, which pertains to asst. yr. 1995-96. assessee-firm filed its returns of income on 30th Nov., 1995 declaring total income of Rs. 11,640. firm was dissolved on 11th Aug., 1994 and one bus No. RJ-13/P-285 was sold by firm for Rs. 1,40,000. other two buses were retained by other partner namely Shri Ravi Kant, at price of Rs. 2,25,000. AO wanted to tax short-term capital gain in hands of firm. Therefore, notice under s. 154 of Act was issued to assessee. assessee replies that in case of partner Shri Ravi Kant, who took over business of firm, short-term capital gain had been duly considered. Thereafter, learned AO issued notice under s. 148 of Act. assessee had shown total booking receipts at Rs. 3,10,737 and after claiming expenses of Rs. 1,22,030, had shown GP of Rs. 1,88,706 which gave GP rate of 6.7 per cent. net profit rate came to 30 per cent before giving credit to interest and remuneration to partners. assessee had not maintained bus-booking account but had credited net booking from individual bus to P&L a/c after deducting expenses. After dissolution of firm, in case of partner Ravi Kant, rate of GP was 62.53 per cent, which was accepted by Department while making t h e assessment under s. 143(3) of Act. booking receipts of this assessee were not supported by any vouchers, so learned AO estimated income from plying of buses, by resorting to provision of s. 145 and applying GP rate of 62 per cent by enhancing booking receipts to Rs. 3,60,000 instead of Rs. 3,10,737 declared by assessee and thus made addition of Rs. 34,493. AO also added Rs. 49,655 as short-term capital gain. These additions were also confirmed by learned CIT(A). first ground challenges initiation of reassessment proceedings by issue of notice under s. 148 of Act. findings of learned CIT(A) in this regard are as under: "I have gone through entire facts on record and I am satisfied that AO rightly and validly initiated proceedings under s. 147 and issued notice under s. 148 of Act. Therefore, assessment order passed under s. 147/143(3) is perfectly justified and legal." learned AO recorded reason that short-term capital gains in hands of assessee-firm has escaped assessment. sanction was accorded by putting word yes and there appear no signatures of officer. CIT(A) has disposed of this important issue in very casual manner, findings of CIT(A) in this regard, do not fall within definition of speaking order. This issue being very crucial and other issues raised, come as sequel to this issue. After giving careful thought to available material, I am of considered opinion that this issue be restored to file of learned CIT(A) with direction that he shall pass speaking order on this issue after hearing assessee firm. All other issues shall be kept open and assessee shall have right to press these issues when appeal, if any, causes to Tribunal, thereafter. learned CIT(A) shall pass order on this issue afresh. In case this issue is accepted by him in favour of assessee, there would be no need to decide on merits. This appeal may be treated as accepted for statistical purposes. *** RAVI BUS SERVICE v. INCOME TAX OFFICER