TMI Blog1998 (4) TMI 124X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under section 256(2) of the Income-tax Act, 1961. The facts in brief are as follows : For the assessment year 1989-90, the Assessing Officer processed the return under section 143(1)(a) and sent an intimation after making an adjustment of Rs. 1,44,386 towards disallowance of guest house expenses and depreciation. Thereafter, the Assessing Officer noticed that the respondent-assessee had cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the respondent-assessee cancelled the order under section 154 passed by the Assessing Officer holding that this was not a fit case for invoking the provisions of section 154 as the issue involved was highly debatable. The Revenue sought a reference of the two questions : "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to have been paid. In view of the above, the Tribunal is right in its finding that it is not a case where the Assessing Officer should have invoked the power under section 154 of the Income-tax Act. It is true that the funding of the balance amount of interest was not available before the Income-tax Officer, and it was produced only before the Tribunal. The fact that it was produced before the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
