2001 (8) TMI 15

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....p; : S. P. BHARUCHA., Y. K. SABHARWAL. and ASHOK BHAN. ORDER Civil Appeals Nos. 292-298 of 2001 : We are concerned in these appeals with the assessment years 1988-89 to 1994-95. The High Court reframed the questions that arise in these appeals thus: "(1) Whether the Tribunal was right in law in disallowing the claim of the assessee-bank for deduction under section BOP(2)(a)(i) in respe....

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.... in favour of the assessee. In so far as the third question is concerned, it is clear that the provision of safe deposit vaults is part of the ordinary banking business of a bank ; this is shown by section 6(1)(a) of the Banking Regulation Act, 1949. Therefore, the income derived by the assessee from the hiring out of safe deposit vaults is income from the business of banking and, therefore, deduc....

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....ary for us to dilate. We think that it is in the interests of justice that the assessee should have the opportunity to lead evidence before the Commissioner (Appeals) to establish as a fact what is stated above. So far as the second question is concerned, therefore, the matter is stand restored to the Commissioner (Appeals) for being decided afresh. He shall also decide any consequential issue tha....