2006 (8) TMI 101

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.... 2. At the instance of the Revenue, the Income-tax Appellate Tribunal, Ahmedabad Bench "C" has referred the following question to this Court for its opinion, which arises out of Income-tax Appeal No. 2628/Ahd/91 pertaining to assessment year 1986-87. "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the Commissioner of Income-tax cannot ex....

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...., the Commissioner of Income-tax recorded his disagreement with the submissions made by the assessee, set aside the assessment and directed initiation of penalty proceedings. The assessee being dissatisfied, took up the matter before the Tribunal, the Tribunal observed that the Commissioner of Income-tax, while exercising powers under Section 263 of the Act was not entitled to direct initiation of....