JAWAHAR LAL GUPTA, J. - (1.) THE Revenue is aggrieved by the order dt. 26th Feb., 1999, passed by the Tribunal by which it has recalled its order of 23rd Dec., 1997. A few facts as relevant for the decision of this case may be briefly noticed.
(2.) THE dispute relates to the asst. year 1981 82. The assessee which is engaged in the business of export of handicraft, etc. filed a return declaring an income of Rs. 15,96,650. It filed a revised return showing an income of Rs. 11,50,866. The ITO proceeded under S. 144B of the IT Act, 1961. He prepared a draft assessment and forward it to the assessee on 22nd Nov., 1983. The assessee filed objections on 2nd Dec., 1983. Copy of the draft assessment order along with the copy of objections were forwarded to the IAC on 6th Dec., 1993. On 11th May, 1984, the IAC approved the proposal submitted by the ITO. On 26th May, 1984, the AO passed the order. The income of the assessee was assessed as Rs. 16,99,298. The assessee filed an appeal. One of the grounds raised was that the ITO had concurrent jurisdiction with the IAC under S. 125A of the Act and, thus, the procedure as laid down under s. 144B of the Act was not required to be followed. The CIT(A) accepted the contention and held that the "impugned assessment order, dt. 26th May, 1984, is time barred and hence a nullity in the eye of law". Aggrieved by the order, the Revenue filed an appeal before the Tribunal. The appeal was dismissed. The Revenue then filed a petition under S. 256(1) of the Act for reference to the High Court. The IT Ref. No. 135 of 1996 was answered in favour of the Revenue vide order, dt. 29th Sept., 1997. Thereafter, the matter was placed before the Tribunal. Vide its order, dt. 23rd Dec., 1997, the Tribunal accepted the appeal of the Revenue. The result was that the order of the appellate authority viz. the CIT(A) was set aside. The assessee approached the Tribunal with the request that the matter should be reconsidered. There were other grounds in the case. This petition filed by the respondent assessee has been accepted by the Tribunal. As a result, the order dt. 23rd Dec., 1997, has been recalled. Aggrieved by the order of the Tribunal, the Revenue has filed the present appeal. Notice was issued to the assessee. Mr. S.C. Nagpal, advocate, has put in appearance.
(3.) LEARNED counsel for the parties have been heard.;