1999 (2) TMI 3

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....pening of assessment under section 147(b) of the Act on the reasons and grounds given in the order passed on appeal ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the reassessment proceedings initiated under section 147(a) of the Act by issue of notice dated December 31, 1976, under section 148 of the Act on the reasons recorded, could be validly converted into a proceeding under section 147(b) of the Act subsequently ? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in setting aside the order of the Appellate Assistant Commissioner of Income-tax cancelling the reassessment orders passed by the Income-tax Officer in ignoran....

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....ommissioner who set aside the same. But, on further appeal by the Revenue, the Tribunal modified the order of the Appellate Assistant Commissioner and permitted the Income-tax Officer to proceed afresh under section 144B of the Act. When the matter came before the High Court, the reference was answered in favour of the assessee and the order passed by the Income-tax Officer on reassessment was set aside. In fact, the High Court observed that the Tribunal ought to have quashed the order converting the proceedings under section 147(b) from that under section 147(a). On perusal of the records, we find that neither section 147(a) nor section 147(b) would apply in this case. The said section at the relevant period (and prior to the Direct Tax L....