- (1.) This is an application under Section 256(2) of the Income-tax Act at the instance of the Revenue and pertains to the assessment year 1984-85.
(2.) We have heard learned counsel for the parties and we are satisfied that the following two questions are statable questions of law and do arise out of the order of the Income-tax Appellate Tribunal : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct to vacate the order of the Commissioner of Income-tax passed under Section 263 of the Income-tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in following its earlier order holding that there were no material before the Commissioner of Income-tax to justify his finding that the assessment made under Section 143(1) was erroneous in so far as it was prejudicial to the interests of the Revenue ?"
(3.) Accordingly, we direct the Income-tax Appellate Tribunal, Delhi Bench 'SMC', New Delhi, to draw up a statement of the case and refer the aforesaid questions for the opinion of this court.;