Reasoned remand in capital gains computation upheld where no substantial question of law arose and additional evidence was rightly refused.

The Tribunal's reasoned remand of a capital gains computation, including examination of fair market value as on 01.04.1981 as the cost of acquisition and the claim under section 54EC, did not justify High Court interference. The Court held that the assessment had to be reconsidered in accordance with law and that the assessee had not shown reasonable cause for failing to produce relevant material during assessment, so additional evidence was rightly declined. In the absence of any substantial question of law, the remand order was upheld and the appeals failed, leaving the issues to be decided afresh by the Assessing Officer.

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Issues: Whether the Tribunal was justified in remanding the matter to the Assessing Officer for fresh consideration of the capital gains computation, including adoption of the fair market value as on 01.04.1981 as cost of acquisition and the claim under section 54EC, and whether the High Court should interfere in such remand.

Analysis: The appeals arose from the Tribunal's order treating the matters as allowed for statistical purposes and sending the issues back to the Assessing Officer. The Court noted that the Tribunal had given reasons for the remand and that computation of capital gains had to be examined in accordance with law, including the assessee's claim to substitute fair market value as on 01.04.1981 as the cost of acquisition. The Court also held that the assessee had not shown any reasonable cause for not producing the relevant material during the assessment proceedings, so the additional evidence was rightly not entertained. In these circumstances, the remand did not suffer from any legal infirmity warranting interference.

Conclusion: The remand order was upheld and no substantial question of law arose for consideration.

Final Conclusion: The appeals failed, and the assessment issues were left to be reconsidered by the Assessing Officer in accordance with law.

Ratio Decidendi: Where the Tribunal remands a capital gains matter for fresh adjudication on a reasoned basis and the assessee has not shown a sufficient cause for non-production of relevant material earlier, the High Court will not interfere in the absence of any substantial question of law.

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