2012 (12) TMI 322

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....g hearing of these appeals, the ld. Counsel for the assessee, Shri S.S. Deshpande, along with Shri R.P. Mandovra, contended that identically for earlier assessment years, the Tribunal remanded the issue back to the file of the Assessing Officer for fresh adjudication for which our attention was invited to various pages of the paper book. It was prayed that both these appeals may also be sent to the file of the Assessing Officer. On the other hand, the learned Senior DR, Shri R.A. Verma, defended the order by submitting that it may not be sent back. 3. We have considered the rival submissions and perused the material available on record. The facts, in brief, are that the assessee is engaged in the business of ginning and pressing of raw cot....

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.... filed written submissions.   4. On perusal of record, we find that in the case of the assessee for the assessment year 2003-04 (ITA No. 759/Ind/2006) (paper book pages 29 to 47), assessment year 2004-05 (ITA No. 414/Ind/2008) - paper book pages 48 to 57, assessment year 2005-06 (ITA No. 213/Ind/2009), paper book pages 58 to 69 and for the assessment year 2006-07) ITA No. 277/Ind/2009 paper book pages 69 to 73, the Tribunal directed the Assessee to prove the nexus of funds borrowed and used for advancing before the Assessing Officer. In view of these facts, keeping in view the principle of natural justice and also no grievance is caused to either side, we remand this issue to the file of the Assessing Officer with the direction that t....