UMASHANKAR RICE MILL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an application under Section 2.56(2) of the Income-tax. Act, 1961, against the order of refusal by the Income-tax Appellate Tribunal refusing to state a case under Section 256 (1) of the Act.

(2.) THE Commissioner of Income-tax exercised power under section. 263 of the Act. THE petitioner's grievance is that power under Section 263 ought not to have been exercised when there was an exhaustive enquiry by the income-tax Officer before making assessment and, in any case, the Income-tax Officer had power under Section 147 to reopen the assessment for reasons as indicated in that section.