Remand for fresh factual inquiry into transaction genuineness, with binding precedent to govern the tax reassessment.

The High Court directed remand where the factual genuineness of disputed transactions required fresh examination by the Assessing Officer in light of binding Supreme Court and High Court precedent. The legal position from those authorities was to be applied, but the underlying facts had to be re-examined before a final tax determination could be made. The appellate proceedings were accordingly disposed of by sending the matter back for reconsideration, leaving the substantive tax issue open at that stage.

---

---

Issues: Whether the matter required remand to the Assessing Officer for fresh adjudication on the genuineness of the disputed transactions in light of the governing precedent.

Analysis: The appeal concerned the Tribunal's partial allowance of the cross-appeals. The Court noted that the parties were bound by the legal principles laid down in the cited Supreme Court and High Court decisions dealing with such transactions. It directed that the legal position be accepted, while the factual question whether the transactions were genuine was to be re-examined by the Assessing Officer on the basis of those decisions.

Conclusion: The matter was remitted to the Assessing Officer for fresh decision on facts, with the governing law to be applied accordingly.

Final Conclusion: The appellate proceedings were disposed of by sending the matter back for reconsideration, leaving the substantive tax issue open at that stage.

---