R.K.Gulati, J. - (1.) These are three applications under Section 256(2) of the Income-tax Act, 1961 (for short "the Act"), relating to the assessment years 1983-84 to 1985-86 and arise from a common order passed by the Income-tax Appellate Tribunal, 'D' Bench, New Delhi.
(2.) The assessments for the disputed years were made under Section 143(1) of the Act accepting the returned income. These assessments were set aside under Section 263 by the Commissioner of Income-tax, to be made de novo, on the ground that the said assessments were erroneous and pre judicial to the interests of the Revenue. However, on appeal by the asses- see, against the orders passed by the Commissioner of Income-tax, the Income-tax Appellate Tribunal restored the assessment orders and vacated the orders passed by the Commissioner. The applications under Section 256(1) having been dismissed, the Commissioner has now come up in these applications. The following two questions, said to be questions of law, are proposed in these applications : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in 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 ? 2. Whether the Tribunal's order is wrong on facts and in law in taking into consideration incorrect facts and facts not relevant to the case and ignoring relevant facts and findings in the orders under appeal ?"
(3.) The assessments were set aside basically on three grounds (i) that the Income-tax Officer has accepted the initial capital investment and income versions for the three years without making any inquiry; (ii) that the factum of certain loans advanced by the assessee should have been looked into in all its ramifications. It was also observed that the said loans were advanced by the assessee after winding up her business and (iii) that no details of sundry debtors, cash in hand and stocks were given in the returns, or in the accompanying statements.;