1998 (10) TMI 33

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....SUBBULAKSHMY J.---At the instance of the Revenue, the following questions have been referred to us for consideration : "(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that inasmuch as the assessment made under section 143(3) read with section 144B on the basis of the direction given by the Inspecting Assistant Commissioner cann....

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....Act. The assessment was subsequently revised by the Commissioner of Income-tax under section 263 with a direction to calculate the capital gains arising from the transfer of the route permit after ascertaining the cost of the acquisition of the asset. On appeal by the assessee, the Tribunal set aside the order of the Commissioner of Income-tax. Under the circumstances, the reference has been made ....