9911796707
TMI Blog2013 (10) TMI 320X X X X Extracts X X X X X X X X Extracts X X X X ..... tion has been filed assailing the order dated 09.02.2007, passed by the Commissioner of Income Tax-II, Lucknow in exercise of powers conferred under section 154 of the Income Tax Act, 1961 as well as order dated 27.11.2006, passed by the Commissioner of Income Tax-II, Lucknow under section 264 of the Income Tax Act, as contained in Annexures No. 1 & 7 to the writ petition. The factual matrix of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Against the said assessment order of the year 2002-03, the assessee moved an application under section 154 of the Act, 1961 on 16.1.2007, which was rejected on 09.2.2007 as there was no apparent error in the assessment order, passed under section 264 of the Act. No documentary evidence was led by the assessee before the revisional authority but subsequently while moving the application under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and it only rectifies the mistake, caused due to an act of the authority himself and the respondent no. 1 failed to exercise his power by relying only on words 'suo-motto voluntary withdrawal'. When this writ petition was taken up for hearing, neither learned Counsel for the petitioner is present nor any engagement slip has been sent on his behalf for adjournment of the case. We have heard Sri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y evidence in support of his claim. The Commissioner has rightly observed that merely submitting details of income of borrowers would not entitle the assessee to claim interest paid on borrowed capital. The law requires that assessee has to furnish necessary proof of actual payments of interest to the borrowers. Having considered the matter in all, its pros and cons, we are of the view that the i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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