CIT Vs. KIRAN JAISWAL

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, Allahabad has refer -red the following question of law under section 256(1) of the Income Tax Act, 1961, hereinafter referred to as 'the Act', for opinion to this Court: 'Whether in law and circumstances of the case, the ITAT was justified in holding that the order of the I.A.C. (Asst.) could not be revised by the Commissioner of Income -tax in exercise of his powers under section 263 of the Income Tax Act, 1961 and thereby setting aside the order under section 263 passed by him?' In favour of revenue.

(2.) THE reference relates to the assessment year 1978 -79.

(3.) WE have heard Sri A.N. Mahajan, learned Standing counsel appearing for the revenue. None has appeared for the respondent.