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TMI Blog2016 (3) TMI 683X X X X Extracts X X X X X X X X Extracts X X X X ..... 1-92 and 1993-94. Therefore, we have ventured to go into the merits of the case rather than sending the matters back to the Tribunal on the ground of failure to afford a reasonable opportunity. - Decided in favour of assessee - Tax Case Appeal Nos. 2343 and 2644 of 2006 - - - Dated:- 9-2-2016 - V. Ramasubramanian And N. Kirubakaran, JJ. For the Appellant : Mr. A. S. Sriraman for Mr. S. Sridhar For the Respondents : Mr. T. R. Senthilkumar JUDGMENT ( Judgment Was Delivered By V. Ramasubramanian,J ) Both the above appeals, filed by the assessee, were admitted on 18.12.2006 on the following substantial questions of law : TCA.No.2343 of 2007 : (i) Whether the Tribunal is correct in concluding that the disallowa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed @ 24% by the Income Tax Officer on the outstanding amount and not the amount inclusive of the opening balance and inclusive of the amount paid during the relevant previous year relevant to the assessment year under consideration ? and (iii) Whether the Tribunal is correct in law in allowing the appeal of the Revenue without properly appreciating the written submissions of the appellant ? 2. Heard Mr. A. S. Sriraman, learned counsel for the appellant and Mr.T.R.Senthilkumar, learned Standing Counsel for the Department. 3. For the assessment year 1991-92, the appellant/assessee filed its Form No.12 and they filed a return of income on 31.10.1991 admitting a total income of ₹ 5,07,183/-. The return was processed under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t so lent. 7. Following the same pattern as in the case of the assessment year 1991-92, the Commissioner of Income Tax (Appeals) allowed the appeal in part and limited the disallowance only to the quantum of loan advanced during the relevant assessment year. This order was also reversed by the Tribunal, but this time after hearing the arguments of both parties. In other words, the order of the Tribunal dated 17.3.2006 in respect of the assessment year 1993-94 was not an ex parte order. Hence, as against the orders of the Tribunal, restoring the original orders of the Assessing Officer, the assessee has come up with the above appeals. 8. In both cases, the assessee was admittedly engaged in the business of manufacture of G.I. castings. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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