COMMISSIONER OF INCOME TAX Vs. BINDA DEVI

JUDGEMENT

(1.) ON an application filed by CIT, Rohtak, under s. 256(1) of the IT Act, 1961 (for short, 'the Act'), the Income -tax Appellate Tribunal (for short, 'the Tribunal') has referred the following question of law for the opinion of this Court :

(2.) THE original assessment in the assessee's case for the year 1985 -86 was completed by the AO under s. 143(1) of the because the AO was of the opinion that the investment in the purchase of National Saving Certificates has been made after raising loans and not out of the income chargeable to tax, as was thought earlier. The assessee filed reply stating issue regarding valuation of the building constructed by the assessee to the Departmental Valuation Officer. After income of the assessee at Rs. 94,670. The Dy. CIT(A), Rohtak, set aside the reassessment on the ground that mere change of opinion by the AO was not sufficient for invoking the provisions of s. 147 r/w s. 148 of the Act. The appellate order (was) confirmed by the Tribunal and the appeal filed by the Revenue was dismissed.

(3.) WE have heard Shri Rajesh Bindal, learned counsel for the Revenue, and Shri Avneesh Jhingan, learned counsel for the assessee, and perused the record.