2002 (2) TMI 22

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....rder of the Tribunal in Income-tax Appeals Nos. 972, 973, 974 and 359/JP of 1993. The assessment years involved are 1986-87 to 1989-90. The assessments for the assessment years 1986-87, 1987-88 and 1988-89 were completed under section 143(1) and thereafter notice was issued under section 148 of the Act of 1961. During the course of the reassessment proceedings, the Income-tax Officer had inquired ....

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...., the lease amount received after transfer of the plant and machinery has been treated as income from other sources. The Tribunal has remitted that matter back to the Assessing Officer to examine the lease agreement and also examine the balance-sheet and then find out whether on transfer the receipt on account of the lease amount can be taxed as income from business or income from other sources....

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....ted back to the Assessing Officer, he can reassess and tax that income, which is escaped, on the merits. The assessee can make his submissions before the Assessing Officer. Whether the amended provisions of section 147 which was amended with effect from April 1, 1989, are applicable or not, the same issue has been considered by this court in the case of Chandi Ram v. ITO [1997] 225 ITR 611 wher....

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....ed as income from business or other sources that also has not been considered in 1980-81, that needs consideration. The Tribunal has only directed to consider the issue whether the lease amount received should be treated as income from business or income from other sources and allow the expenses in the light of the decision referred to in the order of the Tribunal. That does not cause any preju....