1986 (6) TMI 83

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....nbsp;  M. C. Agarawal, Judicial Member - This is an assessee's appeal arising out of the assessment for assessment year 1973-74. 2. We have heard the learned Counsel for the assessee and the learned Departmental Representative and have perused the material placed before us. 3. The original assessment was completed in this case under section 143(3). One of the questions arising in tha....

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....framed granting relief under section 80MM with reference to the net income. The assessee's appeal to the Commissioner (Appeals) challenging the reopening of the assessment as well as the reduction of relief under section 80MM. The learned Commissioner (Appeals) upheld the reopening of the assessment holding that the report of the internal audit was an information on the basis of which the assessme....

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....ed that relief was wrongly allowed with reference to the gross income. She, however, could not point out how in the face of the binding judgment of the AAC and the Tribunal, the assessment could the reopened under section 147(b) merely because the revenue did not agree with the decision of the AAC and the Tribunal. Reopening under section 147(b) is permissible if the ITO has information in his pos....