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2003 (4) TMI 19 - HC - Income TaxUnaccounted investment – Standard deduction - Whether, on the facts and in the circumstances of the case, the Tribunal is right in law and fact in deleting the addition of Rs. 14,49,127 made as unaccounted investment of the assessee in the firm, M/s. Eastern Retreads (P.) Ltd.? - Whether, on the facts and in the circumstances of the case, the assessee is entitled to standard deduction under section 16(1) of the Income-tax Act? - Since there is no due consideration of the explanation offered by the assessee in respect of the entries contained in the two slips either by the Assessing Officer or by the Tribunal, we are of the view that the matter requires consideration - Tribunal has allowed the claim for standard deduction without any discussion. Since we have already remitted the matter to the AO, we direct the AO to consider the claim of the assessee for standard deduction also afresh
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