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2015 (3) TMI 1175 - KARNATAKA HIGH COURT

2015 (3) TMI 1175 - KARNATAKA HIGH COURT - [2016] 380 ITR 121 - Rectification 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 .....

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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 .....

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quot;B", for the assessment year 2002-03. 2. During the assessment year 2001-02, the assessee has sold certain shares and computed capital gains and claimed deduction under section 54 of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The Assessing Officer, without noticing that the capital asset which had been transferred on which capital gains is computed, is not a long-term capital asset and being a residential house, allowed the claim of deduction under sectio .....

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fficer allowed the proportionate investment and the remaining sale consideration was brought to tax by order dated September 2, 2004, against which the assessee preferred appeal before the Appellate Commissioner besides challenging the order passed under section 154 of the Act. The Appellate Commissioner, on considering the appeal filed against the regular assessment, granted relief to the assessee. As regards the appeal against the order under section 154 of the Act, the Appellate Commissioner .....

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Tribunal recorded an independent finding and disposed of the appeal against the order of assessment under section 143(3) of the Act. As regards the order under section 154 of the Act, the appeal filed by the Revenue was rejected and the cross- appeal filed by the assessee on the jurisdiction of the Assessing Officer under section 154 came to be allowed by a common order dated January 27, 2009. Against the said impugned order, these appeals are filed by the Revenue on the following substantial qu .....

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g the validity of proceedings under section 154 of the Act, when the Appellate Commissioner has not adjudicated the said issue though separate appeal was preferred by the assessee and exceeded the jurisdiction ? (3) Whether the Tribunal committed an error in recording a finding with respect to the proceedings under section 154 of the Act when the issue was not adjudicated by the Appellate Commissioner and without remanding the matter to the Appellate Commissioner for adjudication on the issue ?& .....

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