- (1.) THE present appeal under s. 260A of the IT Act, 1961 (hereinafter referred to as 'the Act') has been filed by the two law : "Whether under the facts and circumstances of the case, the Tribunal was justified in not deciding the controversy involved in the appeal, when all the relevant material was available to it and as such the controversy as to the addition made by the AO under s. 68 of the Act in the hands of the company treating the shareholders as bogus could have been decided on the evidence available before it -
(2.) THE appeal relates to the asst. yrs. 1996 -97 and 1997 -98.
(3.) BRIEFLY stated facts giving rise to the present appeal are as follows : Certain additions were made by the assessing authority by invoking provisions of s. 68 of the Act in respect of investment made by different persons in the share capital of the appellants. The first appeal preferred by the appellants was dismissed by the CIT(A). The In favour of assessee. Tribunal has restored the matter back to the assessing authority for making further enquiries. We have heard Shri Shakeel Ahmad, learned counsel for the appellants and Shri R.K. Upadhyaya, learned standing counsel for the Revenue.;