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TMI Blog2018 (5) TMI 1721X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. The brief facts of the case are that the assessee is a partnership firm carrying on the business of road asphalting, civil constructions and also derives rental income from container yard. For the assessment year under appeal, the income declared by the assessee is Rs. 3,20,86,560/-. In the assessment proceedings, the assessee informed the AO that the assessee's Books of Accounts and related documents have been impounded by VAT Department having its office at CBD Belapur, Navi Mumbai. The Assessee also gave the copy of Panchnama to the AO. The assessee on the basis of available copies of the Books of Accounts gave submission from time to time, which according to the AO was sketchy and not sufficient. The AO invoked provisions of Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal had restored the matter with regard to disallowance of interest after having the following observation: - "7. We have considered the submissions of the parties and perused the material available on record. The dispute between the parties is limited to the issue whether the interest expenditure of Rs. 3,77,80,167 is directly related to the earning of rental income from letting out the container yard. It is the claim of the assessee that interest bearing bank loan is taken for development of container yard for making it viable for commercial use. However, the Departmental Authorities have refused to accept assessee's claim primarily for the reason that the assessee was unable to produce evidence to establish the fact that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utilisation of bank loan in development of container yard which, according to the learned Authorised Representative, were produced before the Departmental Authorities but not considered, for the interest of justice, we consider it appropriate to restore the matter back to the Assessing Officer for denovo assessment after considering all the documentary evidences produced by the assessee, the submissions to be made and the decisions to be relied upon by the assessee in support of its claim. We make it clear that not only the Assessing Officer must afford reasonable opportunity of being heard to the assessee but he must pass a reasoned order dealing with all the submissions of the assessee keeping in view the documentary evidence as well as t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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