9911796707
TMI Blog2003 (4) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal, we are of the view that the matter requires consideration - Tribunal has allowed the claim for standard deduction without any discussion. Since we have already remitted the matter to the AO, we direct the AO to consider the claim of the assessee for standard deduction also afresh - - - - - Dated:- 9-4-2003 - Judge(s) : G. SIVARAJAN., J. M. JAMES. JUDGMENT The judgment of the court was delivered by G. SIVARAJAN J.-The matter arises under the Income-tax Act, 1961 (for short "the Act"). The Revenue is aggrieved by the order of the Income-tax Appellate Tribunal (for short "the Tribunal"), passed in I.T.(S S) A.24/ Coch. of 1998 filed by the respondent-assessee in respect of the block assessment for the period April 1, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in the firm, M/s. Eastern Retreads (P.) Ltd.? 2. Whether, on the facts and in the circumstances of the case should not the Tribunal have remitted the case to the Assessing Officer for a fresh consideration of the addition? 3. Whether, on the facts and in the circumstances of the case, the assessee is entitled to standard deduction under section 16(1) of the Income-tax Act? 4. Whether, on the facts and in the circumstances of the case and without determining as to whether the assessee-director is an employee, the Tribunal is right in law in allowing deduction under section 16(1) of the Income-tax Act? 5. Whether, on the facts and in the circumstances of the case should not the Tribunal have remitted the case for a fresh considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch the assessee is a director. He submitted that the Tribunal did not enter any finding on this question, and therefore, this issue also has to be remitted to the Tribunal or the Assessing Officer. Senior counsel also pointed out that the Tribunal itself has remanded the assessment to the Assessing Officer in respect of certain other matters. Shri P.Balachandran, learned counsel appearing for the respondent-assessee, submits that the Tribunal had considered each and every material available on record, particularly RM-I and A-28 documents, which are the sheet anchor of the Assessing Officer, and entered a categoric finding that there is absolutely no material to hold that the figures found in RM-I document represented undisclosed income of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in paragraph 9 of the said order, which reads as follows: "We have gone through the order of the Assessing Officer and considered the rival submissions. RM-l is the paper seized from the premises of the assessee. It does not throw any light to infer whether the figures in the slip are incomings or outgoings or what the figures in the paper stands for. It also does not throw any light, even if the figures indicate investments, where the investments are made by the assessee if they are withdrawals, from where such withdrawals are made? Then coming to the paper seized, the entries of which are reproduced on page 4 of the assessment order, it is admittedly seized from the premises of Sri Naiju Joseph of Vazhakulam. In this slip against the na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8,70,903 in the slip marked as annexure A-28. In the letter dated June 2, 1997, the assessee gave the details of actual investments. However, the Assessing Officer does not say why he is not accepting the assessee's explanation. If the actual investment is more than what is shown in the document as also the expenses, the same should have been brought in the assessment order specifically to show what is the actual investment in each plot of land or piece of land and only the difference should have been added. Likewise, the explanation of the assessee with regard to the cash credits in his name has also not been specifically dealt with and rejected the explanation of the assessee without assigning any reason. As we have noted hereinabove, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en care of in the cash flow statement. But the Assessing Officer did not comment on this. It is also relevant to note that the Tribunal also has not made any effort to see whether the cash flow statement filed by the assessee had, in fact, taken care of the investments made in M/s. Eastern Retreads Ltd. The Tribunal had further observed that when the assessee gave the details of actual investments in the reply dated June 2, 1997, it was the duty of the Assessing Officer to find out as to whether the said explanation is acceptable or if the actual investment is what is shown in the document as also the expenses, the same should have been brought into the assessment specifically to show what is the actual investment in each plot of land or pi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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