2005 (1) TMI 32

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....ons of law under section 256(1) and (2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the opinion of this court: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that there were no material before the Commissioner of Income-tax to justify his finding that the assessment made under section 143(1) was erroneous in so far a....

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....he returns were processed under section 143(1) of the Act and the assessment was completed on March 14, 1986. The Commissioner of Income-tax on examination of assessment records was of the opinion that the assessment orders passed under section 143(1) of the Act had been made without making any enquiry into the factum of loans and other items and, therefore, they were erroneous and prejudicial to ....

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....s of Income-tax to the effect that no remedial action is necessary in summary assessment cases, as the revenue loss, if any, is consciously suffered by the Government to utilise resources for scrutiny and investigation of larger cases. In such cases the Commissioner of Income-tax should only inform the audit that the cases are completed under the summary assessment scheme. Accordingly, action unde....