2008 (4) TMI 740

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....earned counsel for the parties, the following substantial question of law is framed for consideration:- "Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal erred in law in not admitting the additional ground raised by the assessee in respect of the expenditure incurred to the extent of ₹ 13,10,566 shown in the balance sheet for the assessment ....

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....02 was being completed nor was it raised before the Commissioner of Income-tax (Appeals) ['CIT(A)']. 7. Before the Income-tax AppellateTribunal ('the Tribunal'), the assessee sought to raise an additional ground in this regard but this was declined by the Tribunal on the ground that the accounts of the assessee were audited and finalized on 5-8-2003 whereas the order was passed by the CIT(A) on 3....

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....4 or for the assessment year 2001-02. 9. Learned counsel for the assessee relied upon CIT v. Kerala State Co-operative Marketing Federation Ltd. [1992] 193 ITR 624 1 (Ker.) wherein it has been held by the Kerala High Court that in the event relevant facts are not on record, the Tribunal can always remand the matter to the file of the Assessing Officer to investigate and determine the facts. It is....