2009 (12) TMI 27

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....d the following question for the opinion of this Court under section 256(1) of the Income Tax Act. "Whether on the facts and in the circumstances of the case, Hon'ble ITAT was justified in canceling the order passed by Commissioner of Income Tax, Lucknow, under section 263 of I.T Act, 1961." The dispute relates to the assessment year 1991-1992. The facts of the case lie in a narrow compass a....

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....de on behalf of the assessee, set aside the assessment order dated 27th April, 1992 with the direction to the Assessing Officer to reframe the assessment by including the amount of Excise Duty of Rs.47,05,008/- in the "Purchase Price" for working out the profit as per the provisions of Section 44AC of the Act. The assessee preferred an appeal against the said order passed under section 263 befo....