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TMI Blog2007 (12) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... this appeal on the following questions of law :- (a) In the facts and circumstances of the case and in law, whether the rent and deposits received by the intermediary tenant from the ultimate user of the premises or the rent and deposit received by the assessee from the intermediary tenant, who never occupied the premises is to be taken for the computation of the net wealth of the assessee for valuation under Rule 3 of part B of Schedule III of the Wealth Tax Act, 1957? (b) Whether the assessee could be allowed deduction u/s 2(m) of the Wealth Tax Act, 1957 of the debts owed on pro-rata basis without the assessee establishing that the debts were incurred in relation to assets which formed part of the net wealth of the assessee ? 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ets chargeable to Wealth tax. 8. The respondents aggrieved, preferred an appeal. One of the grounds raised was in the matter of proportionate debts, the very question has been decided by the assessing officer. The Commissioner (Appeal) in paragraph 4.1 considered the said contention, and in paragraph 4.3 answered the said issue in favour of the assessee and accordingly, partly allowed the appeal. 9. Revenue aggrieved, preferred an appeal before ITAT. In ground (b) the liability of Rs.21,94,144/-was set out but it was wrongly stated as being deposit received from the tenants for letting out the properties. The other ground which was framed infact, did not arise from the order of the Commissioner (Appeal). The Appeal was listed with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f proportionate debts in the sum of Rs.21,94,144/-. We are here not concerned whether Commissioner's decision was right or wrong. The Commissioner (Appeal) was the appellate authority. If the appellate authority seeks to reverse the finding of the authority below, it was bound to give reasons to its conclusion. We find the order does not disclose any reason for coming to the conclusion arrived at. Considering this aspect of the matter, the ends of justice would suffer if the order of the Tribunal is not set aside and the matter remand back for the Tribunal. 13. In our opinion, therefore, the order of the Tribunal is set aside. The matter is remanded back to the Tribunal. It will be open for the appellants to raise additional ground and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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