1992 (1) TMI 9

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..... Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in holding that the order of the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961, was without jurisdiction and was bad in law ? " The material assessment year is 1976-77. The Income-tax Officer had allowed set-off of carried forward losses of the earlier years 1974-75 and 1975 .....

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..... exercise of revisional power the Income-tax Officer's order had merged in the order of the Commissioner of Income tax. The Tribunal, however, came to the conclusion that there was no justification for the exercise of revisional jurisdiction, since the Income-tax Officer had made the assessment on February 14, 1979, on the basis of the binding appellate order passed by the Commissioner of Income-ta .....

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