( 1 ) THE following question has been referred for our opinion :"whether, on the facts and in the circumstances of the case, the Tribunal was right in setting aside the order of the Commissioner of Income-tax passed under Section 263 of the Income-tax Act, 1961 ?"

( 2 ) THE facts giving rise to the aforesaid reference, briefly stated, are that the assessee, a resident individual, transferred in June, 1983, certain shares and debentures belonging to her and shown in the books of account. As per the books of account maintained by the assessee, the total value of these shares was shown at Rs. 15,19,503. A company newly formed by the name of Akshoy Trading Co. Pvt. Ltd. , in the meantime, received, by the transfer, these shares from the assessee. The above referred book value of the shares was the value shown by the assessee which she received on transfer of the shares belonging to her to the abovenamed company, Akshoy Trading Co. Pvt. Ltd.

( 3 ) THE Assessing Officer, however did not agree with the aforesaid contention of the assessee with regard to the value of the shares that she claimed to have received by the sale of these shares. According to the Assessing Officer, the ascertain

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