TMI Blog1996 (8) TMI 548X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Income-tax Act, 1961 ('the Act') seeking direction of this Court to refer the undernoted question said to be of law for the opinion of this Court : Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in setting aside the order of the CIT made under section 263 when the adequate material as per the CIT's order under section 263 indicating that the order passed by the IAC (Assessment), was prejudicial to the interests of revenue ? 3. The facts of the case lie in narrow compass. The original assessments for the assessment years 1982-83 to 1985-86 with regard to NA/Assessee were completed by IAC (Assessment). Subsequently, search and seizure under section 132(1) of the Act was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elled the assessment order for de novo assessment. 5. Aggrieved by the order of Commissioner, the assessee filed appeal before the Tribunal. Before the Tribunal, the assessee has submitted that the action of the Commissioner under section 263 is wholly unjustified, illegal and unwarranted. It is further submitted that the ITO in his order under section 132(5) proceedings and the IAC (Assessment) in assessment proceedings have considered each of the loose papers and arrived at the conclusion that the 'on money' received by the assessee related to the period relevant to assessment years 1982-83 to 1985-86. It was contended that Commissioner had no fresh material to exercise powers vested under section 263. 6. The Tribunal on per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In oppugnation, the learned counsel appearing for the non-applicant contended that the finding of the Tribunal in second appeal is based upon the appreciation of evidence and as such, it does not give rise to any question of law which is required to be answered by this Court. 11. On perusal of the record, it is found that Commissioner (Appeals) had no fresh material on record to exercise powers vested under section 263. The ITO and IAC (Assessment) in the proceedings under section 132(5) have considered each of the loose papers and arrived at the conclusion with regard to 'on money' received by the assessee pertaining to the assessment years 1982-83 to 1985-86. The Tribunal after going through the record of the case has held that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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