COMMISSIONER OF INCOME TAX Vs. SHARMA MOTOR SERVICE

JUDGEMENT

(1.) THIS is an income-tax reference under Section 256(1) of the Income-tax Act, 1961, at the instance of the Revenue and the following two questions have been referred by the Tribunal for answer by this court :

(2.) WHETHER, on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the order of the Commissioner of Income-tax under Section 263 and restoring the order of the Assessing Officer ?"

(3.) WE, therefore, answer both the questions in favour of the assessee and against the Revenue.