2001 (5) TMI 18 - HC - Income Tax

Summary

The High Court of Madhya Pradesh dismissed the appeal filed by a partnership firm dealing in gold and silver ornaments and money-lending for the assessment year 1993-94. The court upheld the decision to cancel the assessment and direct a de novo assessment by the Assessing Officer. The Income-tax Appellate Tribunal rejected the appeal and stated that the matter has to be considered de novo. The High Court found no substantial question of law involved and dismissed the appeal.