2000 (11) TMI 73

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....--- We are very surprised at the conduct of the Revenue in seeking a reference, in a matter which admits of no doubt at all. The assessment of the assessee, a public sector bank, for the assessment year 1970-71 was completed on February 28, 1973, and it was revised twice on December 31, 1973, and October 10, 1977. The matter was once again sought to be reopened on the allegation that the assess....

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....t to the notice of the Income-tax Officer in a special note. The Tribunal, on further appeal by the Revenue, held that in respect of both these items, primary facts had been furnished by the assessee even at the time of original assessment. It is instructive to quote what the Tribunal has said further in the matter : "We are entirely at a loss to understand how the jurisdiction under section....

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.... the merits and that there is no reason whatsoever for presuming that there was any underassessment." Despite all this, the Revenue sought a reference and has brought the matter before us. This matter, due to the work load of the court has been lying here for the past 15 years and the assessment made for the assessment year 1970-71 in the year 1973 had not been allowed to reach finality on acco....