9911796707
TMI Blog2002 (7) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... authority to take action under section 263 of the Act, in the case of the assessee on the basis of the records in the cases of other persons. - Our answer to the question is, accordingly, in the negative, i.e., in favour of the Revenue and against the assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income-tax has, therefore, invoked his jurisdiction under section 263 of the Act and after hearing the assessee and feeling not satisfied with the explanation offered by the assessee, set aside the assessment made by the Income-tax Officer and directed him to reframe the same according to law. In second appeal, the Tribunal held that the Commissioner could not have taken action under section 263 of the Act in the case of the assessee on the basis of the records in the cases of other persons, no matter how closely they were related to the assessee. Holding thus, the Tribunal set aside the order of the Commissioner. Hence, this reference at the instance of the Revenue. At the hearing of this reference today, Mr. Tanvish Bhat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to consideration by the Commissioner after holding an enquiry, there is no reason why the material which had already come on record though subsequently to the making of the assessment cannot be taken into consideration by him. Moreover, in view of the clear words used in clause (b). of the Explanation to section 263(1), it has to be held that while calling for and examining the record of any proceeding under section 263(1), it is and it was open to the Commissioner not only to consider the record of that proceeding but also the record relating to that proceeding available to him at the time of examination." Following the aforesaid decision, we are of the view that there is nothing in the provisions of the Income-tax Act, 1961, particularly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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