1992 (11) TMI 75

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....as stated the case and referred the following two questions to this court : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in setting aside the order passed under section 263 by the Commissioner of Income-tax ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the order of the Income-tax Officer ....

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....pinion that the genuineness of the loans needed to be established through detailed enquiries and investigations. The order of the Income-tax Officer was, in the opinion of the Commissioner of Income-tax, erroneous and prejudicial to the interests of the Revenue. He, accordingly, cancelled the order with the direction that the Income-tax Officer should reframe the assessment after making detailed e....

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....learned counsel for the assessee, has informed us that after the decision of the Income-tax Appellate Tribunal, the Income-tax Officer initiated proceedings under section 147 of the Act and the assessment of the assessee was reopened and the Income-tax Officer, vide his assessment order dated March 27, 1986, accepted the explanation of the assessee relating to the cash credit of Bansidhar Ram Gopa....