Peak credit reassessment fails where earlier ruling fixed assessability in a different year and removed the Tribunal's basis.

The Tribunal's direction to re-examine peak credit on the footing that Rs. 34,000 was assessable in 1961-62 could not stand because that premise had already been displaced by the earlier High Court ruling that the amount was assessable in 1960-61. With the foundational assumption removed, the further direction to revisit the disputed item lacked support. The appellate relief already granted to the assessee was therefore left undisturbed, and the Revenue's challenge failed.

---

---

Issues: Whether the Tribunal was justified in directing the Income-tax Officer to determine peak credit by treating Rs. 34,000 as assessable in 1961-62.

Analysis: The direction under reference rested entirely on the premise that the Appellate Assistant Commissioner had proceeded on an erroneous basis regarding the year in which Rs. 34,000 was assessable. That premise no longer survived because the High Court had already held, in the earlier reference, that the amount was assessable in 1960-61 and not 1961-62. Once that foundation disappeared, the Tribunal's further conclusion requiring re-examination of the item of Rs. 30,000 could not stand.

Conclusion: The Tribunal was not justified in directing the Income-tax Officer to determine the amount of peak credit on the footing that Rs. 34,000 was assessable in 1961-62; the answer was against the Revenue and in favour of the assessee.

Final Conclusion: The reference was answered by setting aside the Tribunal's basis for re-examination of the disputed item and leaving the appellate relief granted to the assessee undisturbed.

---