(1.) By order dated 23 rd April, 2012 in ITA No. 2026/2010, Commissioner of Income Tax VI, New Delhi vs. Usha International Limited, the following substantial questions of law have been referred to this Full Bench:
(2.) We need not refer to the factual matrix relating to ITA 2026/2010 but are only required to note that the aforesaid questions relate to interpretation of Section 147 of the Income Tax Act, 1961 (Act, for short) as amended w.e.f. 1 st April, 1989. We record that the questions of law require elucidation in view of contentions raised regarding observations made by the Bench of three Judges of this Court in CIT vs. Kelvinator of India Limited, 2002 256 ITR 1 (Del FB). Revenue had filed an appeal against the said decision but the Supreme Court dismissed the appeal of the Revenue in a decision which is reported as CIT vs. Kelvinator of India Ltd., 2010 2 SCC 723. Conflicting views expressed on the question of 'change of opinion' have been noticed below.
(3.) As Section 147 of the Act is required to be interpreted and examined we deem it appropriate to reproduce the said Section as it exists: