2016 (5) TMI 860

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ishnan JUDGMENT ( The Judgment of the Court was delivered by Nooty.Ramamohana Rao,J ) T. C. (A). No. 387 of 2007 This appeal is preferred by the assessee calling in question the order passed by the Income Tax Appellate Tribunal in the appeal preferred by it in I.T.A.No.1846/Mds/2002. 2. Heard Mr.Sridhar, learned counsel appearing for the appellant/assessee (company) and Ms.Hema Mura....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... sum received by assessee to capital gains/profit under section 41(2) of the Act on consideration of valuation report by the Chartered Engineer and business valuation by S.B.Billimoria & Co. and also  material available on records of the purchaser company, i.e. Ucal Component Ltd. after affording the assessee a reasonable opportunity of being heard." 4. Learned counsel for the assessee con....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... considered the matter and found that when Rule 18(4) is read with Rule 29 of the aforementioned Rules, there would not be any difficulty in holding that in terms of Rule 29, the additional evidence can also be produced before the Tribunal. In this view of the judgment rendered by this Court earlier in the aforementioned case, the first objection of the learned counsel for the appellant may not de....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n slate basis. Now, for achieving that objective, the appellate forum could be recording a statement that "uninfluenced in any manner by the observations contained in the remand order, the matter be decided afresh". Not that its absence would make any difference when every quasi-judicial or judicial authority is required to decide a question afresh, he has to independently apply his mind to the fa....