2004 (1) TMI 41

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....the assessment year 1982-83 against the assessee, M/s. Achal Investments Ltd. The reference is under section 256(2) of the Income-tax Act, 1961, and the question framed is as under: "Whether the Tribunal was right in coming to the conclusion that the provisions of section 263 of the Income-tax Act, 1961, had not been rightly invoked in this case?" The Assessing Officer completed the assessment u....

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....er section 263 of the Income-tax Act. After hearing the representative of the assessee, the Commissioner of Income-tax vide order dated February 18, 1987, set aside the order made by the Assessing Officer and the Assessing Officer was directed to carry out the exercise as indicated in the order. Against the said order made by the Income-tax Commissioner, the assessee preferred an appeal being I.....

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....er Investment Ltd.'s case which was the subject matter of a reference entitled in CIT v. Stellar Investment Ltd. [1991] 192 ITR 287 (Delhi) decided on April 16, 1991. In that case, the subscribed capital of the respondent-company had been increased and the Income-tax Officer accepted the increase and assessed the company. The Commissioner, in revision, set aside the order of assessment, being of t....

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....ave really advanced the money is sought to be reopened, that would have made some sense but we fail to understand as to how this amount of increased share capital can be assessed in the hands of the company itself. In our opinion, no question of law arises and the petition is, therefore, dismissed." The aforesaid decision in the case of Stellar Investment Ltd. [1991] 192 ITR 287 (Delhi) was chal....