COMMR. OF INCOME TAX, BANGALORE vs SHREE MANJUNATHEAWARA PACKING PRODUCTS

The Supreme Court addressed the interpretation of 'record' under Section 263(1) of the Income Tax Act, determining that it refers to the record as it stands at the time the order is passed by the Income Tax Officer, not at the time of examination by the Commissioner. The Court upheld the decision of the Income Tax Appellate Tribunal, which had set aside the Commissioner's order on the grounds that the Valuation Report was not part of the record during the assessment. Consequently, the appeal was dismissed, affirming the Tribunal's ruling in favor of the assessee.