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Issues involved: Setting aside the order of the Income Tax Appellate Tribunal and remanding the matter for fresh decision, except for the issue of validity/re-opening of assessment u/s 148 of the Income Tax Act, 1961 for the Assessment Year 1996-97.
Decision on the first issue: The High Court set aside the order of the Income Tax Appellate Tribunal and remanded the matter for fresh decision on all issues except the validity/question of re-opening of assessment u/s 148 of the Income Tax Act, 1961 for the Assessment Year 1996-97. Details on the first issue: The High Court directed that the matter be remanded to the Tribunal for deciding it afresh on all issues except the issue of validity/question of re-opening of the assessment under Section 148 of the Income Tax Act, 1961, for the Assessment Year 1996-97. The Court emphasized that it is open to the assessee and the appellants to raise all contentions as may be available in law before the Tribunal. Furthermore, all contentions of the parties on all other issues were kept open, and the appeal was disposed of accordingly. Decision on the second issue: All contentions of the parties on all other issues, apart from the validity/re-opening of assessment u/s 148 of the Income Tax Act, 1961 for the Assessment Year 1996-97, were kept open for further consideration by the Tribunal. Details on the second issue: The High Court ruled that all contentions of the parties on all other issues, apart from the validity/re-opening of assessment u/s 148 of the Income Tax Act, 1961 for the Assessment Year 1996-97, were kept open for further consideration by the Tribunal. This decision allowed for a comprehensive review of all other issues by the Tribunal, providing both parties with the opportunity to present their arguments in accordance with the law.
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