TMI Blog2015 (3) TMI 1175X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... benefit under section 54F and section 54EC of the Act. The Assessing Officer 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 failed to consider the issue on the merits and recorded a finding that the appeal becomes consequential in nature in view of the order passed by him against the original assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee 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 ? 5. Heard the learned counsel appearing for the parties and perused the records. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
