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DELHI HIGH COURT
A.K.SIKRI, REVA KHETRAPAL
Commissioner of Income Tax – Appellant
Versus
Vikas Polymers – Respondent
JUDGMENT
Reva Khetrapal, J. By this reference under Section 256(1) of the Income-tax Act, 1961 ("the Act"), the Income-tax Appellate Tribunal ("the Tribunal") has referred the following question of law at the instance of the revenue:
"Whether on the facts and in the circumstances of the case, the ITAT was correct both on facts and in law for holding that the provisions of Section 263 of the I.T. Act have not been rightly invoked in this case for the assessment year 1982-83?"
2. This reference relates to the Assessment Year 1982-83. Assessment for the aforesaid year was completed by the ITO on 19.09.1984 on a total income of Rs.90,031/- as against the returned income of Rs.69,500/-. On going through the assessment records of the assessee, the Commissioner of Income-tax served a notice on the assessee dated 17.03.1987, stating therein that while completing the assessment the Income-tax Officer did not inquire into the genuineness of the capital investments of the two partners, Smt. Ratni Devi and Shri Sagar Mal Bardie for the sums of Rs.49,000/- and Rs.40,000/- respectively, and unsecured loans of Rs.98,500/- taken from M/s. Stutee Chit & Finance (P) Ltd. The Commissioner of Inco
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