Mumbai Court June 1986 Judgments

Michigan Engineers (P.) Ltd. Vs. Income-tax Officer

Court: Income Tax Appellate Tribunal ITAT Mumbai

Reported in: (1986)19ITD45(Mum.)

1. These appeals are filed by the assessee challenging the consolidated order of the Commissioner under Section 263 of the Income-tax Act, 1961 ('the Act'), for the assessment years 1978-79 and 1980-81. The ITO completed the original assessment for the assessment year 1978-79 on 2-9-1978. In the said assessment, he allowed the claim of the assessee of investment allowance amounting to Rs. 38,448. This order was the subject-matter of revision under Section 263 by the Commissioner vide his order dated 28-8-1980, The ITO passed a fresh assessment vide his order dated 13-8-1981 in the course of which also, after examining the assessee's submission dated 30-12-1980, he allowed the assessee's claim of investment allowance of Rs. 38,448. Likewise, in the assessment order framed by him for the assessment year 1980-81, the ITO had allowed Rs. 30,552, as investment allowance due for that year.According to the Commissioner, there was a prima facie reason to believe that the orders of the ITO for...