TMI Blog2006 (3) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... is power in the interest of justice. It does not cause any prejudice to either. - we refrain from going into the merit of the case and while remanding the case to the Tribunal, allow the appeal and set aside the impugned order - - - - - Dated:- 21-3-2006 - Judge(s) : A. M. SAPRE., ASHOK KUMAR TIWARI. JUDGMENT The judgment of the court was delivered by A.M. Sapre J.-This is an appeal filed by the Revenue (Commissioner of Income-tax) under section 260A of the Income-tax Act, 1961, against an order dated September 7, 2001, passed by the Income-tax Appellate Tribunal (hereinafter referred to as "Tribunal") in I.T.A. No. 180/Ind/1997 and I.T.A. No. 175/Ind/1997. This appeal was admitted for hearing on the following substantial question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with this issue in para. 9 of his order and following the decisions of the Madras High Court in the case of CIT v. Seshasayee Paper and Board Ltd. [1994] 207 ITR 80 and of the Andhra Pradesh High Court in the case of CIT v. Vidyut Steel Ltd. [1996] 219 ITR 30, he has allowed the relief on the interest earned from MPEB on the security deposit, insurance claim and others while affirming the non-consideration of other items like bank interest and charges earned by the assessee on the margins provided to the bank for the letter of credit guarantees. The Assessing Officer has followed the decision of the Karnataka High Court in the case of CIT v. Siddaganga Oil Extractions P. Ltd. [1993] 201 ITR 968 while doing so. In this case the hon'ble court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e up the issue de novo for deciding in the light of what the Tribunal has done. This court is possessed of power to remand the case. In other words, power to remand is available to this court while hearing the appeal under section 260A of the Act. We intend to exercise this power in the interest of justice. It does not cause any prejudice to either. In view of the aforesaid discussion, we refrain from going into the merit of the case and while remanding the case to the Tribunal, allow the appeal and set aside the impugned order in so far as it relates to ground No. (iv) is concerned. The Tribunal is directed to decide the appeal in so far as ground No. (iv) is concerned, referred supra on merits, strictly in accordance with law keeping ..... X X X X Extracts X X X X X X X X Extracts X X X X
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