On appeal by the revenue the Court held that, mere acquittal of the assessee along with other two co-accused by the High Court, could not by itself result in the setting aside of the assessment made by the assessing authority. The Tribunal being a fact finding body had erred in dismissing the appeal without appreciating the facts in detail on its own and in rejecting the materials before it. The Tribunal also erred in only relying upon the earlier order passed by the Tribunal by which the matter was remanded. The matter had to be remanded to the assessing authority for fresh enquiry.( AY. 1986-87 to 1995-96)