1983 (7) TMI 29

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....d by SOHANI J.-By this reference under s. 256(1) of the I.T. Act, 1961 (hereinafter referred to as " the Act "), the Income-tax Appellate Tribunal, Indore Bench, has referred the following questions of law to this court for its opinion : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the income from commission and brokerage, subsi....

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.... the assessment under s. 147(b) of the Act, as he was of the opinion that the original order of assessment was erroneous as certain facts were overlooked. The assessee raised objection to the reopening of assessment and contended that reopening of assessment on account of change of opinion was not warranted by the provisions of s. 147(b) of the Act. The ITO rejected that objection and held that in....

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....t a reference and it is at the instance of the assessee that the aforesaid questions of law have been referred to this court for its opinion. The answer to the first question depends upon the question as to whether the income from commission, brokerage, subsidy from Government, admission fee and incidental charges can be held to be income attributable to the business of banking carried on by th....

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....nking or providing credit facilities to its members and, hence, deductible under s. 80P of the Act. As regards the second question, we had occasion to consider a similar question in Kamalchand v. ITO [1981] 128 ITR 290 (MP), and relying on the decision of the Supreme Court in Indian & Eastern Newspaper Society v. CIT [1979] 119 ITR 996, it was held that where an assessment was sought to be reop....