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TMI Blog1995 (4) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax Act, 1961 (hereinafter referred to as " the Act ", relevant to the assessment year 1985-86 has been preferred by the Revenue seeking a direction to the Income-tax Appellate Tribunal to state a case and refer to this court for its opinion the following question : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in setting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tember 3, 1987. However, the Commissioner of Income-tax, Delhi-II, in exercise of his revisionary jurisdiction under section 263 of the Act called for and examined the assessment records of the assessee-company. On a perusal of the records and the facts appearing therefrom, the Commissioner of Income-tax held a prima facie view that the action of the Assessing Officer in accepting the return under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... td. [1991] 192 ITR 287 held that even if it is assumed that the subscribers to the share capital were not genuine, the amount of share capital under no circumstances could be regarded as undisclosed income of the assessee-company. With the aforesaid observations, the Tribunal set aside the order of the Commissioner of Income-tax passed under section 263 of the Act and allowed the appeal filed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... " Was the Tribunal right in setting aside the order of the Commissioner under section 263 of the Income-tax Act and in holding that the assessment order of the assessee could not be said to be erroneous or prejudicial to the Revenue ? " Following the ratio of the aforesaid Full Bench decision of this court we also direct the Tribunal to state the case and refer the following reframed question t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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