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DELHI HIGH COURT
ARIJIT PASAYAT, D.K.JAIN
New Light Trading Co. – Appellant
Versus
Commissioner of Income Tax – Respondent
JUDGMENT
Arijit Pasayat, C.J.
1. At the instance of the assessed, the following question has been referred for the opinion of this court by the Income-tax Appellate Tribunal, Delhi Bench "B", Delhi (in short, the "Tribunal"), Under section 256(1) of the Income-tax Act, 1961 (in short, "the Act") :
"Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the reopening of the assessments Under section 147(b) based on the audit report was valid in law ?"
2. The factual position as indicated in the statement of the case, is as follows :
The dispute relates to the assessment years 1971-72 to 1973-74 and the question, as referred above, is common to all the three references. Assessment proceedings which were completed were reopened by the Income-tax Officer on the ground that information came into his possession that interest allowed to Gulzari Mal was not admissible under law and has been wrongly allowed. This information came into the possession of the Income-tax Officer through the audit report, which is an external agency. During the course of reassessment it was noticed by the Income-tax Officer that interest had been paid to Gulzar
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