JUDGMENT

Y.R. MEENA, J-As per directions of this Court, on an application under section 256(2) of the Income Tax Act, 1961; the. Tribunal was directed to refer the following question for our opinion:"Whether, on the facts and in the circumstances of the case, the orders passed by the Commissioner of Income-tax under section 263 of the Income-Tax Act, -1961, relevant to the assessment years 1980-81 and 1981-82 are legal and valid?"The assessee-company derives, its income from business as an investment company. The assessment years involved are 1980-81 and. 1981-82:The original assessment for the above assessment years were completed on December 22, 1982 and March 23, 1983, respectively. In a search at the premises of the assessee on September 23, 1983, certain papers were seized and on the basis of those papers and on a perusal of the assessment proceedings for the above referred years, the Commissioner of Income-tax had initiated proceedings under section 263 of the Act, he found that the asses...