1996 (2) TMI 63

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....e-tax Act, 1961 (hereinafter referred to as the "I. T. Act"), at the instance of the Revenue and the following question of law has been referred by the Tribunal for answer of this court, which reads as under : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Commissioner had no jurisdiction to revise the assessment order under section 1....

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.... from the date of service of the notice of demand to the Income-tax Officer objecting to the assessment. The Commissioner of Income-tax found the said assessment order to be erroneous and prejudicial to the interests of the Revenue. Therefore, he exercised his power under section 263 of the Act and set aside the order of the assessment with a direction to the Income-tax Officer for de novo assessm....

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....that under section 143(1) of the Act, the assessment has to be made by the Assessing Officer within a period of two years from the end of the assessment year in which the income was first assessable. In the present case, the assessment was made within two years, but the order of assessment was served on the assessee on February 10, 1984, and under section 143(2)(a) the assessee moved an applicatio....

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....shall be deemed to be incorrect, inadequate or incomplete in a material respect. Therefore when the assessment was objected to by the assessee the so called assessment made by the Income-tax Officer under section 143(1) became inchoate. It was an assessment which was inconclusive because the objection has been filed within the period prescribed under sub-section (2)(a) of section 143 of the Act by....