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TMI Blog2018 (9) TMI 1175X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Respondent : J. P. Khaitan, Senior Advocate JUDGMENT The Revenue questions the propriety of the Appellate Tribunal reversing an order passed under Section 263 of the Income Tax Act. The primary contention of the Revenue is that since the order under Section 263 of the Act required a fresh assessment to be made and there were sufficient grounds which were indicated in the relevant order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come and make an assessment of the tax payable thereunder. In other words, despite the Commissioner providing for a fresh assessment to be done, the Commissioner also undertook the exercise to substantially complete the assessment and required the details to be worked out by the assessing officer. In particular, the following two directions issued by the Commissioner in the order dated October 21 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... officer. The Appellate Tribunal found that the loss of gold of similar extent had been allowed in previous financial years and in at least one subsequent financial year. The Appellate Tribunal referred to the extent of loss that is claimed by the industry as a whole and discovered that about five per cent loss per year was par for the course. Though the figure in this case was on the higher side ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l cases were dictated to the assessing officer by the Commissioner in his relevant order dated October 21, 2014. Since the matters of fact that were referred to in the Commissioner's order have been appropriately dealt with the Appellate Tribunal and the Appellate Tribunal was satisfied that the order under Section 263 of the Act issued by the Commissioner was without basis, the Appellate Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X
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