COMMISSIONER OF INCOME TAX Vs. JAGDISH CHAND GUPTA

JUDGEMENT

(1.) The Income-tax Appellate Tribunal,. Chandigarh Bench (in short "the Tribunal") has referred the following questions of law for opinion of this Court arising out of its order dated January 26, 1997 in RA Nos. 56 and 57/Chandi/96 in I.T.A. Nos. 31/Chandi/93 and 34/ Chandi/94 for the assessment year 1989-90:

(2.) Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that if the Assessing Officer had all the information at the time of completion of assessment in relation to a certain amount remedial powers under Section 263 cannot be exercised even when the available information has not been utilised in accordance with law?

(3.) We have heard learned Counsel for the parties and perused the record.