Nanavati, J. - (1.) Leave granted.
(2.) Heard learned counsel on both the sides.
(3.) This appeal arises out of the judgment and order passed by the High Court of Karnataka on 6th June, 1995 in I.T.R.C. No. 26/93. The question that was referred to the High Court was: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the word 'record' used in Section 263(1) of the Act would not mean the record as it stands at the time of examination by the Commissioner, but it means the record as it stands at the time the order in question was passed by the ITO - ;