COMMISSIONER OF INCOME TAX Vs. KISMET P LTD

JUDGEMENT

(1.) THIS is a reference at the instance of the CIT under s. 256(1) of the IT Act, 1961 ('the Act' for short). The Tribunal, Ahmedabad Bench 'A' has referred the following question for our opinion :

(2.) HEARD Mrs. M.M. Bhatt, learned standing counsel for the applicant-Revenue. Though served none appears on behalf of the respondent.

(3.) MRS. Bhatt, learned standing counsel appearing on behalf of the applicant Revenue submitted that the Tribunal had erroneously placed reliance on the assessment order for the asst. yr. 1979-80 because the said order has been revised under s. 263 of the Act. It was further submitted that whether the assessee was under a bona fide belief or not had not been proved by the assessee and the ITO had rightly rejected the said plea.