2015 (3) TMI 1175

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..... a, J. 1. The Revenue has filed these appeals challenging the order dated January 27, 2009, passed by the Income-tax Appellate Tribunal, Bangalore Bench "B", for the assessment year 2002-03. 2. During the assessment year 2001-02, the assessee has sold certain shares and computed capital gains and claimed deduction under section 54 of the Income-tax Act, 1961 (hereinafter referred to as "the Act") .....

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..... le 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 .....

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..... assessee on the jurisdiction of the Assessing Officer under section 154 came to be allowed by a common order dated January 27, 2009. Against the said impugned order, these appeals are filed by the Revenue on the following substantial questions of law : "(1) Whether the Tribunal was correct in holding that the finding of the Assessing Officer under section 154 of the Act that the assessee is not .....

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..... ioner 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 appe .....

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..... sioner 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 proceedings under section 154 of the Act is perverse and not sustainable. 8. However, in the circumstances we deem it proper to remand the matter back to the Appellate Commissioner to adjudicate on the issue of section 154 of the Ac .....

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