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TMI Blog2023 (7) TMI 803X X X X Extracts X X X X X X X X Extracts X X X X ..... ER SINGH GODARA, J.M. : This assessee's appeal for assessment year 2014- 2015, arise against the CIT(A), Belagavi's Order ITA.No. CIT(A)/BGM/10483/2018-19, dated 29.11.2019, involving proceedings U/S. 154 of the Income Tax Act, 1961 (in short "the Act"). Heard both the parties. Case file perused. 2. The assessee pleads the following substantive grounds in the instant appeal : "1] ORDER IS AGA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ustified and requires to be deleted. [B] Learned Commissioner [Appeals] failed to appreciate that the appellant had not Revised the Income for the Assessment Year 2013-2014 claiming the Interest of Rs. 2,36,126/-. Interest paid by appellant to the Society is already admitted as income in the hands of Society, hence there is no Loss of Revenue. [C] The disallowance of Interest of Rs. 2,36,126/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation reads as under : 4. We have given our thoughtful consideration to the vehement rival stands and find no merit in Revenue's arguments supporting both the lower authorities action taking recourse to sec. 154 rectification for the purpose of disallowing the assessee's alleged prior period interest expenditure. 4.1. We first of all wish to quote hon'ble apex court's landmark decision in T.S. B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee is assessed at uniform rate throughout. We hold these peculiar facts and circumstances that both the learned lower authorities have erred in law and on facts in initiating sec. 154 rectification proceedings against the assessee. Ordered accordingly.
5. This assessee's appeal is allowed in above terms.
Order pronounced in the Open Court on 18.07.2023. X X X X Extracts X X X X X X X X Extracts X X X X
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