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TMI Blog1993 (7) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... law in entertaining the application of the assessee and reviewing its own decision on appeal on the basis of a subsequent decision of the Supreme Court ? (3) Whether the Income-tax Appellate Tribunal has any authority in law to review, rectify or reconsider any of its decisions on the basis of a subsequent pronouncement of law by the Supreme Court of India? (4) Whether the Supreme Court decision in the case of Indian and Eastern Newspaper Society [1979] 119 ITR 996 was rightly invoked by the Appellate Tribunal to hold that its earlier decision regarding section 147(b) proceedings based also on the Supreme Court decision in R. K. Malhotra, ITO v. Kasturbhai Lalbhai [1977] 109 ITR 537 was erroneous ? (5) Whether, on the facts and in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxed the entire income of the trust property in the hands of the assessee. Therefore, the assessee preferred an appeal to the Appellate Assistant Commissioner who allowed the appeal on the ground that relevant documents were available with the Income-tax Officer at the time of the original assessment and, therefore, the audit note could not be regarded as information on the basis of which the Income-tax Officer could have reopened the assessment under section 147(b). Aggrieved by the view taken by the Appellate Assistant Commissioner, the Revenue went in appeal to the Tribunal. Before the Tribunal, it was contended on behalf of the Revenue that the audit note could be regarded as information for the purpose of section 147(b) and, therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er challenge in this reference, now in view of the decision of this court in CIT v. P. P. Contractor (the assessee himself) [1991] 192 ITR 261, we need not state the facts or set out the contentions raised on behalf of the Revenue. In that decision, it has been held by this court that the assessee was within his right in executing the deed of assignment on December 6, 1951, transferring or assigning his right, title and interest in half of the income from the residuary property in favour of his children. Hence, the assessee was liable to be assessed only in respect of half of the income derived from the residuary property. Since we are taking this view on the merits of the case, all other questions become academic and they need not be answe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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