Law:

Section:

Section 263 of the Income-tax Act, 1961 [Corresponding to section 33B of the Indian Income-tax Act, 1922] - Revision - Of orders prejudicial to interests of Revenue - Assessment years 1956-57 to 1961-62 - Assessee doing money-lending, speculation and pawn-broking business filed suo motu returns - Along with returns she filed declaration to effect that she sold her ornaments received at her marriage from father with a view to do said business - ITO completed assessments, making some addition uniformly in each of assessment years - Commissioner acting under section 33-B of 1922 Act cancelled assessments on grounds that assessee did not reside at address given by her and consequently ITO had no jurisdiction to make her assessment, and that ITO was not justified in accepting initial capital without any enquiry or evidence whatsoever - Accordingly, he directed fresh assessments to be made - Whether allegation that assessee never resided nor carried on any business at address shown in her returns not having been met by assessee with proper evidence, that question went to root of jurisdiction of ITO who purported to assess assessee in that jurisdiction, and this was clearly a matter requiring further investigation - Held, yes - Whether since assessee made a solemn declaration about having pucca receipts in respect of sale of gold ornaments but none appeared before Commissioner in response to summons issued to concerned bullion merchant, inevitable result was that there was no proper evidence or proof of said sale which was genesis of initial capital, and Commissioner was justified in coming to conclusion that ITO's order accepting assessee's story of initial capital was made without proper enquiry or evidence - Held, yes - Whether having regard to nature of charges and assessee's failure to adduce satisfactory evidence with regard to them, Commissioner was fully justified in directing a fresh assessment and there were no basic materials which were considered behind back of assessee and of which assessee did not have due notice - Held, yes FACTS For the assessments years 1956-57 to 1961-62, the assessee, an individual, being a new assessee, filed her returns suo motu…

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