COMMISSIONER OF INCOME TAX Vs. GRAND BAZAAR

JUDGEMENT

(1.) IN these tax case petitions under S. 256(2) of the IT Act, 1961, at the instance of the Revenue, a direction is sought to refer the following questions of law for the opinion of this Court : For the asst. yrs. 1981 -82 and 1982 -83 :

(2.) IN the course of the order of the Administrative Commissioner, the ITO was directed to consider and treat the entire cash credits appearing in the books of account for the asst. yrs. 1981 -82 and 1982 -83 as the undisclosed income of the assessee under S. 68 of the IT Act. However, the Tribunal felt that the entire matter should be investigated in greater depth and detail and, in that view, while upholding the order of the Administrative Commissioner, gave a direction that the order of the Administrative Commissioner that the entire cash credits should be added, will stand deleted for each one of the assessment years. The Tribunal has observed that, as the assessments will have to be redone, the final shape that would emerge would depend upon the ultimate result of the investigation and at this stage, particular amounts could not be directed to be included as income represented by the cash credits. In the concluding portion of the order of the Tribunal, the Tribunal observed that the proper order to be passed is to set aside the orders of the authorities below and restore the matter to the file of the ITO for de novo making an assessment in each case in accordance with law after a complete investigation bearing in mind the directions given by the Administrative Commissioner regarding specific aspects. We understand this order as stating that the entire matter is at large before the ITO and that in the course of the de novo proceedings, it would be open to him to examine all the aspects including the applicability of S. 68 of the IT Act to the cash credits in question. We find, on a careful consideration of the matter, that there is absolutely no prejudice caused to the Revenue by the course directed to be adopted by the Tribunal, as all aspects relating to the assessments could be taken care of in the remitted proceedings. We, therefore, dismiss these tax case petitions. No costs.