2001 (9) TMI 29

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the Income-tax Appellate Tribunal was correct in law in admitting a whole lot of new evidence under rule 29 of the Income-tax (Appellate Tribunal) Rules, 1963, filed in paper book (virtually permitting the assessee to make out completely a new case) though this evidence was never presented before or considered by the lower authorities and without giving the Income-tax Officer an opportunity, to estimate the evidence? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that the income in question was business income or income under other sources in the absence of carrying on business for the assessment years 1979-80 to 1981-82?" During the relevant assessment years, the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the correctness of those documents cannot be doubted in law. The learned Tribunal on appreciation of the entire evidence on record including the additional evidence adduced by the petitioner recorded its finding in the following words: "From the above, we hold that it was the intention of the assessee to treat the demised premises as well as the assets of the assessee-company as its business assets throughout the period of lease and it had never abandoned the idea of resuming its business after finding favourable atmosphere. Now, the question remains whether leasing out the commercial assets for a period of 12 years would by itself amount to abandonment of its business. Firstly, we have to hold that the assessee never abandoned its busi....