2007 (2) TMI 104

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.... Amritsar Bench, Amritsar (for short, "the Tribunal"), has referred, under section 256(1) of the Income- Act, 1961 (for short "the Act"), the following questions of law for the opinion of this court, which emerge from its order dated March 28, 1992, in I. T. A. Nos. 797 and 798 (ASR)/1990 for the assessment years 1981-82 and 1982-83 "1. Whether an agreed assessment made on erroneous considerati....

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.... no response, ex parte assessment was framed. The ex parte assessment was vacated in appeal. Thereafter, the assessee filed a return declaring loss. During the assessment proceedings, at the instance of the Assessing Officer, the assessee agreed to addition of Rs 18,300 after consideration of all the entries Finding the order passed by the Assessing Officer to be erroneous and prejudicial to the i....

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....ch the Commissioner of Income-tax sought to exercise powers under section 263 of the Act, but he could not dispute that it was on account of those very discrepancies having been pointed out that assessee had agreed for the addition during the course of reassessment proceedings and the invocation of jurisdiction by the Commissioner of Income-tax on those very facts was nothing else but a change of ....