Allowing the appeal of the assessee the Court held that the Tribunal being the last fact finding authority had not given any cogent reason for reversing the finding recorded by the Commissioner (Appeals). Its order was not valid. Matter remanded to the Tribunal. (AY. 1999-2000, 2000-01)
Prime Chem Oil Ltd. v. ACIT (2018) 409 ITR 309 (Raj.)(HC)
S. 254(1) : Appellate Tribunal – Duties- Reassessment —Tribunal reversing decision of Commissioner (Appeals) without cogent reasons — Order of Tribunal is held to be not valid. [S. 147]