COMMISSIONER OF INCOME TAX Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) THE above tax case is at the instance of the Commissioner of Income-tax, Tamil Nadu-I, Madras, under Section 256(2) of the Income-tax Act, 1961, as the Income-tax Appellate Tribunal has stated the case and referred the following questions of law for the assessment year 1976-77 :

(2.) LEARNED senior standing counsel for the Department submits that so far as the first question of law is concerned, the Tribunal has held that the reopening of the assessment was based on a mere change of opinion by the authority and without jurisdiction, which being a question of fact, may be answered in the affirmative and against the Department. LEARNED counsel further submits that the controversy regarding the second question of law, was set at rest by this court in CIT v. Bharat Overseas Bank Ltd. [2000] 242 ITR 314, and this question may also be answered in the affirmative and against the Revenue.