1990 (9) TMI 39

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.... C. J.-Two questions are referred by the Tribunal under section 256(1) of the Income-tax Act, 1961, one at the instance of the assessee and the other at the instance of the Revenue. The question referred at the instance of the assessee reads thus : "(1) Whether, in view of the facts and circumstances of the case, the order of assessment passed by the Income-tax Officer on October 31, 1972, u....

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....he assessee, fairly stated that the question may be answered in the affirmative, i.e., in favour of the Revenue and against the assessee. We are satisfied that learned counsel is right in his submission. The assessment was made in the assessment year 1946-47. The Commissioner reopened the assessment under section 33B of the Indian Income-tax Act, 1922. Meanwhile, the Income-tax Officer reopened th....

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.... the aforesaid assessment year. Inter alia, he allowed deduction of a sum of Rs. 4,09, 067 as speculation loss. He also accepted the assessee's case and refused to add a sum of Rs. 82,000 being cash credit in the name of one Sri S. D. Mittal, in the balance-sheet of the current account of the assessee. The Commissioner, on examination of the assessment order, was of the opinion that the Income-tax....

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....t be set aside to be done de novo by the Income-tax Officer after initiating proper enquiries regarding the amounts mentioned above. " The operative portion of the Commissioner's order reiterated the same position. It would be evident from a reading of para 7 which reads : "I, therefore, hold that I am within my jurisdiction to vacate under section 33B the order passed by the Income-tax Offi....