1989 (2) TMI 95

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the Act"), relating to the assessment years 1983-84 to 1985-86 and arise from a common order passed by the Income-tax Appellate Tribunal,'D' Bench, New Delhi. The assessments for the disputed years were made under section 143(1) of the Act accepting the returned income. These assessments were set aside under section 263 by the Commissioner of Income-tax, to be made de novo, on the ground that t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... terests of the Revenue ? 2. Whether the Tribunal's order is wrong on facts and in law in taking into consideration incorrect facts and facts not relevant to the case and ignoring relevant facts and findings in the orders under appeal ? " The assessments were set aside basically on three grounds (i) that the Income-tax Officer has accepted the initial capital investment and income versions fo .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... usiness of advancing loans, as held by the Commissioner. In fact, the assessee was being assessed for future years including the year 1987-88. The Tribunal also referred to a circular issued by the Directorate of Inspection (Income and Audit) being Circular No. 176 dated August 26, 1987, addressed to all the Commissioners of Income-tax with regard to assessments framed under section 143(1) of the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... known business but the nature and premises were clearly indicated and it is to project this aspect that statement of income for the assessment year 1982-83 has been noticed in this order. Further, not only the business continued after the loans of Rs. 10,000 and Rs. 29,000 but the income also has been substantially higher." Learned standing counsel, appearing for the Revenue, was unable to brin .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... vant facts and findings came to be ignored by the Tribunal while passing its order in dealing with the appeal giving rise to these reference applications. We have also not been able to lay our hands on any such wrong facts or material which may have influenced the decision of the Tribunal. On the contrary, the decision of the Tribunal is based on relevant facts and consideration and appreciation o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X