1997 (12) TMI 654

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....ions have been proposed in the application, namely, (1) whether, on the facts and circumstances of the case, the Appellate Tribunal was legally correct in cancelling the order passed by the Commissioner, Meerut under section 263 on the view that the assessment order passed by the ITO was not erroneous and prejudicial to the interest of revenue, (2) whether the Tribunal was right in taking the view....

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....ting the taxable income for the said assessment year. On appeal by the assessee to the Appellate Tribunal the order under section 263 was set aside and the assessment order was restored. The Tribunal relying upon a decision of this Court in CIT v. Development Trust (P.) Ltd. [1991] 189 ITR 504/ 55 Taxman 200 held that the liability to incur the expenses on account of development work and electrifi....