2001 (5) TMI 18

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..... appellant is a partnership firm, dealing in gold and silver ornaments and money-lending at Seoni. For the assessment year 1993-94 return was filed declaring the income as nil, as the payment of interest and salary to the partners was in excess of the profit. A revised return was filed declaring a total income of Rs.1,32,506. The appellant had valued the excess closing stock of silver weighing 35.7 .....

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..... udicial to the interests of the Revenue. It required revision under section 263 of the Income-tax Act, and hence directions were issued that the original order passed on January 2, 1996, be cancelled and an assessment should be made de novo. During the course of proceedings under section 263 of the Income-tax Act, a notice was issued by the Commissioner of Income-tax. According to the notice, the .....

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..... al filed before it. Thus, the order dated January 28, 2000, passed by the Income-tax Appellate Tribunal, has been assailed in the present appeal. We find from a perusal of the order passed by the Income-tax Appellate Tribunal that the final adjudication has not been made and the matter has to be considered de novo by the Assessing Officer and with respect to the Commissioner of Income-tax, appe .....

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