COMMISSIONER OF INCOME TAX Vs. PITHWA ENGG WORKS

JUDGEMENT

(1.) By this reference under section 256 (1) of the Income-Tax act, 1961, the Income Tax Appellate Tribunal has referred the following question of law for the opinion of this Court :- "whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that mistakes in assessments completed under section 143 (1) of I. T. Act, 1961 cannot be rectified by resorting to the provisions of section 154 of the Income-tax Act, 1961 "

(2.) Heard learned Counsel for the applicant-revenue. Perused reference proceedings.

(3.) This Court in the case of (Commissioner of Income Tax v. Cameo Colour co. ) ', (2002) 254 I. T. R. 565 ruled that the instructions issued by the Central Board of Direct Taxes, New Delhi, dated 27th March, 2000; wherein monetary limit for the department for filing reference to the High Court earlier fixed for Rs. 50,000/ - came to be revised and fresh instructions are issued to file references only in cases where tax effect exceeds Rs. 2,00,000/-, are binding on the Department.