Ajay Kumar Mittal, J. - (1.) This appeal has been preferred by the appellant -revenue under Sec. 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 29.5.2009, Annexure A.3 passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (in short, "the Tribunal") in ITA No. 1486(AHD)/2005 for the assessment year 2001 -02 claiming following substantial questions of law: - - "i) Whether on the facts and circumstances of the case, the Appellate Tribunal is right in law in deleting the addition of Rs. 1,67,62,538/ - made by the Assessing Officer and confirmed by the Appellate Commissioner on account of unexplained peak credit in the books of account? ii) Whether on the facts and circumstances of the case, the Appellate Tribunal is right in law in remitting the issue of addition of Rs. 21,36,131/ - on account of suppression of commission income made by the Assessing Officer and confirmed by the Appellate Commissioner to the Assessing Officer for fresh consideration and to decide the issue de novo? iii) Whether on the facts and circumstances of the case, the order of the Appellate Tribunal is contrary to the evidence and material on the record of the case and therefore perverse? iv) Whether on the facts and circumstances of the case, the order of the Appellate Tribunal is suffering from non application of mind and is unreasonable and arbitrary -
(2.) A few facts relevant for the decision of the controversy involved as narrated in the appeal may be noticed. The assessee is a private limited company constituted and registered under the provisions of the Companies Act, 1956. It is engaged in financial transactions by issuing cheques against receipt of cash and charging commission. On 31.10.2001, the assessee filed its income tax return for the assessment year 2001 -02 declaring total income of Rs. 1,68,226/ - which was initially processed under Sec. 143(1) of the Act. The case of the assessee was selected for scrutiny. Notice under Sec. 143(2) of the Act was issued to the assessee. Thereafter notice under Sec. 142(1) of the Act was issued to the assessee by the Assessing Officer. The assessee through its representative appeared before the Assessing Officer and made submissions. After scrutinizing the material and the details filed by the assessee, the Assessing Officer -Income Tax Officer, Ward 1(1), Surat determined total income of the assessee at Rs. 1,90,66,900/ - vide assessment order dated 10.11.2004, Annexure A.1. The Assessing Officer also directed initiation of penalty proceedings under Sec. 271(1)(c) of the Act. The following additions were made by the Assessing Officer: - - "a) Addition on account of Peak Credit : Rs. 1,67,62,538/ - b) Addition on account of suppression of commission income Rs. 21,36,131/ -" Aggrieved by the order, the assessee filed appeal before the Commissioner of Income tax (Appeals;) -I [CIT(A)] Surat. Vide order dated 30.3.2005, Annexure A.2, the appeal was dismissed. The assessee filed appeal before the Tribunal at Ahmedabad. Later on, since the assessee transferred its head office at Amritsar, the said appeal was transferred to the Income Tax Appellate Tribunal, Amritsar. Vide order dated 29.5.2009, Annexure A.3, the Tribunal at Amritsar partly allowed the appeal deleting addition of Rs. 1,67,62,538/ - made by the Assessing Officer on account of unexplained peak credit. However, the Tribunal remanded back the issue of addition on account of suppression of commission income to the Assessing Officer for fresh consideration and to decide the same de novo. Hence the instant appeal before this Court.
(3.) We have heard learned counsel for the parties.;