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Vallabh Yarns, Sunder Nagar, Ludhiana Versus Commissioner of Income Tax, Ludhiana

2016 (7) TMI 753 - PUNJAB & HARYANA HIGH COURT

Rectification of mistake - whether Tribunal's order is perverse while recording findings contrary to the respondent department's stand for accepting the claim of the appellant qua the allowance of deduction for interest on unsecured loans against the income under head 'income from other sources? - Held that:- We do not wish to express any opinion at this stage in respect of either the correctness or the effect of the orders under Section 154 or the communications addressed by the Department to t .....

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T (Appeals) and the Tribunal ought to be allowed to be withdrawn or dismissed as infructuous in view of the orders passed under Section 154. In the event of the appellant's being satisfied and accepting the revisional orders under Section 154, they may well not be interested in pursuing the appeal. If such an application is made it is for the Tribunal to decide the same.The appeal is, therefore, disposed of by setting aside the impugned order and remanding the matter to the Tribunal. - ITA-155-2 .....

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xtent that the same refused a deduction under Section 36(1) (iii) of the Income Tax Act, 1961. The appeal pertains to the assessment year 2007-08. 2. The appellant has raised the following substantial questions of law: - (i) Whether under the facts and circumstances of the case, the Tribunal's order is perverse while recording findings contrary to the respondent department's stand for accepting the claim of the appellant qua the allowance of deduction for interest on unsecured loans agai .....

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an be declined on the true and correct interpretation of the provisions of section 57(iii) of the Income Tax Act, 1961? 3. It is sufficient to consider this appeal only with respect to the first question. 4. The assessee claims to have secured loans for the purchase of building and machinery. The assessee further claims to have given the said building and machinery on rent. The assessee claimed a deduction under Section 36(1)(iii) of the Act in respect of the loans availed by it. 5. The assessme .....

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sed of by an order dated 12.08.2010. The Assessing Officer upheld the appellant's contention. The Assessing Officer observed that the disallowance to the extent of ₹ 22,77,739/- was not called for. The balance taxable income was assessed at ₹ 22,96,464/-. 6. The CIT (Appeals) dismissed the appellant's appeal against assessment order dated 18.12.2009 on 30.09.2011. The Tribunal dismissed the appeal against that order on 08.02.2012. 7. The order of the Tribunal as well as the o .....

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