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2015 (3) TMI 1175 - HC - Income TaxRectification of mistake - Disallowance of interest claimed on the loans borrowed from the banks and other institutions - Held that:- The Appellate Commissioner has considered the appeal filed by the assessee against the disallowance of interest claimed on the loans borrowed from the banks and other institutions and allowed the interest as claimed by the assessee after assigning reasons. With regard to the appeal filed under section 154 of the Act no reasons are assigned by the Appellate Commissioner. On this issue, the appeal was allowed with an observation that in view of the finding given in the main appellate order it becomes consequential in nature and, accordingly, the appeal as regards section 154 of the Act succeeds, against which appeals were filed by the Revenue before the Tribunal including the grounds of appeal on the issue of section 154 of the Act. Cross-objections were filed by the assessee on this issue. The Tribunal proceeded on a misconception that no challenge was made by the Revenue as regards the order of the Appellate Commissioner on the issue of section 154 of the Act ignoring the ground of appeal filed by the Revenue. Thus, it is manifest that the Appellate Commissioner and the Tribunal failed to adjudicate the matter in a right perspective. The order impugned is passed without the application of mind. The finding given on the proceedings under section 154 of the Act is perverse and not sustainable. We deem it proper to remand the matter back to the Appellate Commissioner to adjudicate on the issue of section 154
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