( 1 ) BY this petition under Articles 226 and 227 of the constitution of India, 1950 ( in short the Constitution), the petitioner, hereinafter referred to as the assessee, calls in question legality of order dated 31/1/2001 passed by a Bench of Income-tax Appellate tribunal, New Delhi ( in short the Tribunal) in purported exercise of powers under Section 254 (2) of the Income-tax Act, 1961 (in short the act ).

( 2 ) FACTUAL position which is almost undisputed is as follows: the assessee had filed an appeal before the Tribunal primarily challenging the reopening of assessment under Section 147 (a) for assessment year 1985-1986. By order dated 24/11/1993, a bench of the Tribunal consisting of the President Shri Ch. G. Krishnamurhty and Shri Vimal Gandhi, Member allowed the appeal. We are not very much concerned with various issues which were examined by the Tribunal for allowing the appeal in view of certain factual aspects with which we shall deal infra. Subsequently, the revenue filed an application for reference under section 256 (1) of the act praying for a reference to this Court which was numbered as RA 915/del/1996. An application for rectification under Section