TMI Blog2014 (4) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant : Shri Bhanu V. Prasad Reddy For the Respondent : None ORDER Per Saktijit Dey, Judicial Member: This appeal by the Revenue is directed against the order of the Commissioner of Income-tax(Appeals) Guntur dated 13.4.2011 for the assessment year 2006-07. 2. Solitary issue arising for consideration in this appeal relates to disallowance of interest payments made by the Assessing Officer, which has been deleted by the CIT(A). 3. At the outset, it may be noted that none appeared on behalf of the assessee- respondent. The notice of hearing issued by RPAD has been returned by the postal authorities with the remark 'Left'. In the absence of any alternative/changed address, available on record, we are constrained to dispose o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. He accordingly deleted the said disallowance made by the Assessing Officer with the following observations- ",......It is seen that the appellant has embarked on a project for modernisation and expansion of its plant facilities at Jaggaiahpet. The works were completed by 30th September, 2005. It is also seen that the appellant raised funds from the ECBS, loan from Axis Bank, internal accruals of the company etc. While it is a fact that out of the total additions of project modernization met out of term loans and ECBS, the Assessing Officer has grievously erred in estimating that the total project was funded by term loans when in fact it was partly funded by Term Loans and the balance was funded by ECBS and internal accruals. Thus, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xtent." Thus, even according to the learned Departmental Representative, there is some mistake in the quantum of disallowance made by the Assessing Officer, and as against Rs.60,82,006 disallowed by him, only an amount of Rs.17,74,000 should have been disallowed. 6. In the absence of any appearance on behalf of the assessee, we are unable to ascertain the correctness of the above working of the learned Departmental Representative. In this view of the matter, we set aside the impugned order of the CIT(A), and restore the matter to the file of the Assessing Officer, with a direction to redetermine the issue afresh. He shall afford reasonable opportunity of hearing to the assessee, and redetermine the quantum of disallowance, if any warran ..... X X X X Extracts X X X X X X X X Extracts X X X X
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