TMI Blog2002 (2) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... ? - 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. - The Tribunal has only directed to consider the issue whether the lease amount received should be treated as inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereafter notice was issued under section 148 of the Act of 1961. During the course of the reassessment proceedings, the Income-tax Officer had inquired that after the transfer of the plant and machinery, the lease amount received on account of transfer, whether can be treated as a business income ? On considering the reply, the Assessing Officer has negatived the claim of the assessee and expe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -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. Mr. Singhal, learned counsel for the assessee, submits that firstly there was no information with the Assessing Officer to reopen the assessment within the meaning of section 147(b) read with section 148. He further submits that secondly even ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fect 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 wherein this court has considered and held that if the limitation period has not expired, the amended provisions of section 147 of the Act will be applicable. There is no dispute that limitation has not expired for the purpose of reassessment for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 prejudice to the assessee. In the result we find no infirmity in the order of the Tribunal, as the assessee will be at liberty to make all submissions whether the lease money should be treated as income from business or income from other sources. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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