TMI Blog2007 (6) TMI 197X X X X Extracts X X X X X X X X Extracts X X X X ..... mar for the appellant. M. P. Senthilkumar for the respondent. JUDGMENT The judgment of the court was delivered by P. P. S. Janarthana Raja J.— This appeal is filed under section 260A of the Income-tax Act, 1961, by the Revenue, against the order of the Income-tax Appellate Tribunal, Bench "C", Chennai, in I. T. A. No. 513(Mds)/94, dated February 15, 2001. On June 16, 2004, this court admitted the appeal and formulated the following substantial question of law : "Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in law in holding that Rs. 4,86,304 which was not invested in another capital asset could be eligible for exemption under section 11(1A) of the Income-tax Act ?" 2. The facts le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e current account and the cheque on hand could not be classified as investment in another capital asset. There-fore, the Assessing Officer is right in holding that the amount lying in the current account as well as the cheque on hand, could not be taken as a classified investment. 4. Learned counsel appearing for the assessee submitted that the assessee had invested the balance amount in the current account and hence the assessee has satisfied the requirement as contemplated under the provisions of the Act. Hence, the order passed by the Tribunal is in accordance with law. 5. Heard counsel. It was found by the Assessing Officer that a sum of Rs. 4,58,321 was alone invested during the year of account in another cap-ital asset, viz., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 36.75 was invested in the current account with the Bank of India and hence, the said amount is a proper investment and the same is covered by section 11(5)(iii) of the Act. The details regarding the cheque amount is not available on record. Hence, we remand the matter to the Tribunal with a direction to find out the details regarding the cheque amount and the deposition of the same, so that the Tribunal can determine whether the assessee has satisfied all the conditions as per the provisions of the Act or not, and pass appropriate orders in accordance with law. 7. We make it clear that as far as the amount invested in the current account is concerned, the same has to be considered as "classified and proper investment" and the remand is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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