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Issues:
1. Jurisdiction of the Income-tax Officer under section 144B of the Income-tax Act. 2. Validity of the assessment order dated May 26, 1984. 3. Appeal process and grounds raised by the assessee. 4. Tribunal's authority to recall its earlier decision. 5. Opportunity for the assessee to have its case considered on merits. Analysis: 1. The dispute in this case revolves around the jurisdiction of the Income-tax Officer under section 144B of the Income-tax Act. The assessee, engaged in the export business, initially declared an income of Rs.15,96,650 for the assessment year 1981-82, later revising it to Rs.11,50,866. The Income-tax Officer proceeded under section 144B and prepared a draft assessment, leading to the final assessment of the assessee's income at Rs.16,99,298. 2. The Commissioner of Income-tax held that the assessment order dated May 26, 1984, was time-barred and hence a nullity in the eye of the law. This decision was challenged by the Revenue, leading to a series of appeals and references, ultimately resulting in the Tribunal accepting the appeal of the Revenue and annulling the order of the Commissioner. 3. The assessee raised concerns about the Tribunal's decision solely focusing on the issue of limitation without considering other grounds raised in the appeal against the assessment order. The Tribunal, upon a petition from the assessee, recalled its earlier decision, allowing for a reconsideration of the case on its merits by the Commissioner of Income-tax (Appeals). 4. The Tribunal's authority to recall its earlier decision was challenged by the Revenue, arguing that the Tribunal had become functus officio after its order on December 23, 1997. However, the Court found that the assessee, having succeeded before the Commissioner of Income-tax, had not filed a cross-appeal due to the annulment of the entire assessment. The Court deemed the Tribunal's decision to recall its earlier ruling as just and fair. 5. The Court directed that the case be remanded to the Commissioner of Income-tax (Appeals) for a decision on any other grounds raised by the assessee in the appeal against the assessment order, ensuring that the assessee has the opportunity to have its case considered on its merits. The appeal was disposed of with this direction, emphasizing fairness and justice in the proceedings.
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