- (1.) The Tribunal has referred the following questions for our opinion, on an application of the Revenue under Section 256(2) of the Income-tax Act, 1961 : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that once a reassessment proceeding is initiated, the original assessment ceases to exist and cannot be revised by the Commissioner ?
(2.) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in cancelling the order under Section 263 passed by the Commissioner ?" 2. The assessment year involved in this case is 1983-84. The original assessment order was completed on November 18, 1985, and thereafter there was a reassessment under Section 147 read with Section 148 of the Income-tax Act.
(3.) On scrutiny of the assessment records the Commissioner found that the assessment order is erroneous and prejudicial to the interests of the Revenue, as the Income-tax Officer has not charged the interest under Section 215 of the Act.;