TMI Blog1982 (4) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... reinafter referred to as " the Act "), the Income-tax Appellate Tribunal, Indore Bench, Indore, has referred the following question of law to this court for its opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in cancelling the order u/s. 263 passed by the Commissioner of Income-tax for the assessment year 1976-77 ? " The material facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heads of interest on securities and other sources. The Commissioner, therefore, issued a show-cause notice the assessee under s. 263 of the Act and after taking into consideration the reply filed by the assessee, the Commissioner set aside the order of assessment passed by the ITO and directed him to pass a fresh order in accordance with law. Aggrieved by that order, the assessee preferred in app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of the department that the aforesaid question of law has been referred to this court for its opinion. Having heard learned counsel for the parties, we have come to the conclusion that this reference has to be answered in the negative and in favour of the Revenue. The Commissioner had passed an order under s.263 of the Act on the ground that the order of assessment was erroneous and prejudicia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come would be income under the head " Income from other sources " and " Interest on securities ". The Tribunal relied upon the provisions of s. 487 of the Companies act but those provisions merely lay down that in the case of a voluntary winding up, the company shall, from the commencement of the winding up, cease to carry on its business, except so far as may be required for a beneficial winding ..... X X X X Extracts X X X X X X X X Extracts X X X X
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