1993 (7) TMI 33

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.... 1961 ? (2) Whether the Appellate Tribunal is justified in law in entertaining the application of the assessee and reviewing its own decision on appeal on the basis of a subsequent decision of the Supreme Court ? (3) Whether the Income-tax Appellate Tribunal has any authority in law to review, rectify or reconsider any of its decisions on the basis of a subsequent pronouncement of law by the Supreme Court of India? (4) Whether the Supreme Court decision in the case of Indian and Eastern Newspaper Society [1979] 119 ITR 996 was rightly invoked by the Appellate Tribunal to hold that its earlier decision regarding section 147(b) proceedings based also on the Supreme Court decision in R. K. Malhotra, ITO v. Kasturbhai Lalbhai [1977] 10....

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....t note, reopened the assessment for the assessment year 1969-70 and taxed the entire income of the trust property in the hands of the assessee. Therefore, the assessee preferred an appeal to the Appellate Assistant Commissioner who allowed the appeal on the ground that relevant documents were available with the Income-tax Officer at the time of the original assessment and, therefore, the audit note could not be regarded as information on the basis of which the Income-tax Officer could have reopened the assessment under section 147(b). Aggrieved by the view taken by the Appellate Assistant Commissioner, the Revenue went in appeal to the Tribunal. Before the Tribunal, it was contended on behalf of the Revenue that the audit note could be rega....