2007 (12) TMI 408

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..... o lead any further evidence if requires. The issue has not been finally determined. In case still the issue is determined against the assessee, it have its remedies in accordance with law. In New Cawnpore Flour Mills v. CIT [2005 (1) TMI 50 - ALLAHABAD High Court] it has been opined that the reference cannot be made in a case where in appeal the Tribunal without deciding any issue only remands the matter back. No substantial question of law arises in the present appeal. Accordingly, the same is dismissed.
JUDGEMENT Rajesh Bindal J.-This appeal has been preferred under section 260A of the Income-tax Act, 1961 (for short " the Act" ), proposing the following substantial questions of law, arising out of the order dated August 3, 2007, pass .....

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..... me was claimed to be exempted from taxation. The assessee had acquired tenancy rights for a show room measuring 2547 sq. fts. for a term of 60 years, vide agreement dated July 5, 1977. The basic rent for the show room was fixed at of Rs. 4.111211 per sq. metre per month in respect of the first floor and Rs. 1.943481 per sq. metre per month for the mezzanine floor. The assessee was required to pay the entire basic rent and the parking space rent for 60 years in advance, which was accordingly paid. According to the assessee, the amount of rent paid by the assessee in advance was adjustable towards monthly payment of rent as per the agreement. Vide agreement dated March 30, 1997, the assessee agreed to transfer the tenancy rights for the rema .....

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..... e appeal filed by the assessee deserved to be accepted in toto and there was no need for remanding the case. The apprehension expressed by him is that even though the judgment in CIT v. D. P. Sandu Bros. Chembur P. Ltd. [2005] 273 ITR 1 was cited but the Tribunal without opining anything remitted the matter to the Assessing Officer, who may not look into the judgment in the absence of any findings on that issue by the Tribunal. Learned counsel for the Revenue, however, submitted that these findings are perverse in case the record of the Assessing Officer is considered, where it has specifically been recorded that besides the lump sum payment of basic rent, additional rent per month was being paid by the assessee. However, the submission was .....

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