1995 (3) TMI 69

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....(2) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal referred the following question for our opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the reopening of the assessment is valid ?" The assessee carried on a business in refractory works to manufacture fire bricks and also business in lamp factory and collapsible tube....

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....reme Court in the case of Indian and Eastern Newspaper Society v. CIT [1979] 119 ITR 996. However, on appeal, the Tribunal found that the Income-tax Officer had independently applied his mind and found that the abovesaid two businesses were discontinued by the assessee long back and, therefore, he reopened the assessment under section 147(b). Therefore, the Appellate Tribunal upheld the reopening ....