2005 (3) TMI 70

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....come-tax Act, 1961, for opinion to this court: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct to cancel the order passed by the Commissioner of Income-tax under section 263 because when the Income-tax Appellate Tribunal passed the order the law stood amended and applied to all years before or after the amendment?" The reference ....

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....us and prejudicial to the interests of the Revenue. He accordingly issued a notice on March 6, 1987, inviting objections as to why action under section 263 be not taken. The respondent filed its reply vide letter dated March 27, 1987. The Commissioner of Income-tax (Administration) was not satisfied with the reply filed by the respondent, he passed an order under section 263 on March 30, 1987, whe....

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....ates to partial merger were not applicable retrospectively. While holding so the Tribunal relied on the decision in the case of J. K. Synthetics Ltd. v. Addl. CIT [1976] 105 ITR 344 (All) and has held that law has been amended with effect from June 1, 1988, when the jurisdiction under section 263 to be exercised by the Commissioner had expired on March 31, 1987. Heard Sri A. N. Mahajan, learned s....