- (1.) This Income Tax Appeal has been filed by the revenue under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the 'Act ') against the order date 14.2.2000 passed by the Income Tax Appellate Tribunal, Bench Allahabad (hereinafter referred to as the 'ITAT') on Misc. Application No.01 (Alld.) of 1999 in I.T.A. No. 374 (Alld.) of 1996 relating to the Assessment Year 1992-93, whereby the ITAT recalled its order dated 30.6.1998 and has partly allowed the rectification application of the assessee.
(2.) We have heard Sri Shambhu Chopra, Senior Standing Counsel appearing for the revenue and Sri P.J. Pardiwala, learned counsel appearing for the respondent-assessee. The appeal was admitted on the following question of law : "Whether on the facts and in the circumstances of the case the ITAT was justified in law in recalling its order dated 30.06.1998 in ITA No.372 to 374 under provisions of Section 254(2) of the Income Tax Act, 1961 -
(3.) Briefly stated the facts of the present case are that the respondent-assessee is a limited company. Its assessment for the Assessment Year 1992-93 was completed under section 143(3) of the Act, by the assessing officer vide assessment order dated 28.3.1995 on a total income of Rs.24,65,76,400/- against the disclosed income of Rs.30,49,770/-.;