2002 (7) TMI 48

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....t the instance of the Revenue, the following question is referred for our opinion in respect of the assessment year 1983-84: "Whether the Tribunal is right in law in setting aside the order made by the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961?" We have heard Mr. Tanvish Bhatt, learned standing counsel for the Revenue. Though served, none appears for the respon....

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....2 of the Act at the residential premises of Bharatkumar Ishwarlal, brother-in-law of the assessee, on March 19, 1983. It was after the said search that the assessee had filed her return of wealth on September 29, 1983, showing the said ornaments as belonging to her. The Commissioner found that the Income-tax Officer had not conducted any enquiry into the source of acquisition of gold ornaments by ....

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....ely they were related to the assessee. Holding thus, the Tribunal set aside the order of the Commissioner. Hence, this reference at the instance of the Revenue. At the hearing of this reference today, Mr. Tanvish Bhatt, learned standing counsel for the Revenue, has invited our attention to the decision of the Supreme Court in CIT v. Shree Manjunathesware Packing Products and Camphor Works [1998....

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....o far as it is prejudicial to the interests of the Revenue. After examining the record and after making or causing to be made an enquiry, if he considers the order to be erroneous, then he can pass the order thereon as the circumstances of the case justify. Obviously, as a result of the enquiry he may come into possession of new material and he would be entitled to take that new material into acco....