K.L.Manjunath, J. - (1.) The Income-tax Appellate Tribunal, New Delhi, has referred the following question of law under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for opinion to this court : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct to cancel the order passed by the Commissioner of Income-tax under Section 263 because when the Income-tax Appellate Tribunal passed the order the law stood amended and applied to all years before or after the amendment ?"
(2.) The reference relates to the assessment year 1982-83.
(3.) Briefly stated the facts are as under : The respondent-assessee is a public limited company deriving income from manufacture and sale of vegetable ghee, refined oil, soap and paper. It had filed a return of income finally at Rs. 79,26,250. The assessment was completed under Section 143(3) of the Act by the Assessing Officer vide orders dated March 29, 1985, determining the income at Rs. 92,58,170.;