1998 (10) TMI 33

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..... have been referred to us for consideration : "(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that inasmuch as the assessment made under section 143(3) read with section 144B on the basis of the direction given by the Inspecting Assistant Commissioner cannot be subject-matter of revision by the Commissioner of Income-tax under se .....

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..... under section 263 with a direction to calculate the capital gains arising from the transfer of the route permit after ascertaining the cost of the acquisition of the asset. On appeal by the assessee, the Tribunal set aside the order of the Commissioner of Income-tax. Under the circumstances, the reference has been made at the instance of the Revenue to this court. Counsel for the Revenue relied .....

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..... of the finding of this court in the decision rendered in CIT v. V. V. A. Shanmugam [1999] 236 ITR 878 that the Commissioner of Income-tax has got jurisdiction to pass orders under section 263 of the Act in respect of assessments under section 143(3) read with section 144B we direct the Tribunal to decide the case on the merits. The matter is remanded to the Tribunal. - - TaxTMI - TMITa .....

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