Law:

Section:

Section 263 of the Income-tax Act, 1961 - Revision - Of order prejudicial to interest of revenue - Assessment year 1986-87 When order passed by Commissioner in exercise of original jurisdiction had been set aside, there would be no occasion for Assessing Officer to pass fresh assessment order based on such revision order [In favour of assessee] When the order passed by the Commissioner in exercise of original jurisdiction had been set aside, there would be no occasion for the Assessing Officer to pass the fresh assessment order based on such revision order. B. Agarwal, A. Kumar, A. N. Mahajan, G. Krishna and S. Chopra for the Appellant. Rajes Kumar for the Respondent. JUDGMENT This is an application under section 256(2) of the Income-tax Act, 1961 for calling the following question for opinion of this court : "Whether, on the facts and in the circumstances of the case, the IAC is correct in law in holding that the commission and subsidy paid to the cane growers formed part of the purchase price of the case and thus allowable for deduction under section 37(1) of the Income-tax Act, 1961?" 2. The facts of the case may be noticed in brief. The assessment order passed by the assessing authority was set aside by the Commissioner in exercise of jurisdiction under section 263 of the Income-tax Act. The order of the Commissioner is dated March 23, 1990. The said order was the subject-matter of challenge before the Tribunal at the instance of the assessee. The Tribunal by the order dated November 26, 1990, has set aside the order of the Commissioner dated March 23,…

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