9911796707
TMI Blog2016 (7) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... is debatable the provisions of Section 154 cannot be invoked. The provisions of Section 154 can be invoked when there is apparent mistake which is glaring and patent. In the present case, we do not find any such apparent mistake and, therefore, the Ld. CIT(A) has erred in upholding the provisions of section 154 invoked by the AO - Decided in favour of assessee X X X X Extracts X X X X X X X X Extracts X X X X ..... . (ii) That the interest being on in relation to bank guarantees and margin money, the same is directly related to and incidental to business and as such there is no ground or basis for considering the interest under the head income from other sources. (iii) That orders of the lower authorities are in total disregard to past history of the case. 4. That orders of the lower authorities are not justified on facts and the same are bad in law." 3. The brief facts of the case are that the assessee filed its return declaring loss of ₹ 97,95,818/- under the head 'Business & Profession' on 31.10.2007. The same was processed and an intimation u/s. 143(1) was issued on 1.3.2009. Thereafter the case was selected for compulsory scrutiny. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. He has also filed the copy of the aforesaid Tribunal's order dated 21.9.2015. 7. On the contrary, Ld. DR relied upon the order passed by the Revenue authorities. 8. We have heard both the parties and perused the records especially the orders of the revenue authorities and the order of the Tribunal's order dated 21.9.2015. For the sake of convenience, we are reproducing the relevant portion of the Tribunal's order dated 21.9.2015 as under:- "6. After hearing both the parties and perusing the aforesaid finding of the Ld. CIT(A), I find considerable cogency in the assessee's submissions made before the Ld. CIT(A) that the assessee is a partnership firm and income under the head business has been computed at NIL and there is no ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law, after giving adequate opportunity of being heard to the assessee. Assessee is also directed to cooperate with the AO and filed all the evidences / documents to the AO to substantiate its case." 9. After perusing the aforesaid finding, we are of the considered view that the on similar grounds, the issues were set aside to the file of the AO, by the Tribunal for fresh adjudication, after giving adequate opportunity of being heard to the assessee. Therefore, respectfully, following the Coordinate Bench decision of the Tribunal, as aforesaid, we are setting aside the issues involved in ground no. 1, 2 & 3 to the file of the AO for fresh adjudication, after giving adequate opportunity of being heard to the assessee. In the result, the IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... history and relevant legal principles. (iii) That in any case, the issue under reference is of debatable nature and orders of the AO and CIT(A) are not sustainable on facts and under the law." 12. The Ld. Authorised Representative of the Assessee submitted that when there are two views on a particular aspect of taxation, the provisions of Section 154 cannot be invoked. He further submitted that the interest income on FDR given for Bank Guarantee is chargeable to tax as business income and not income from other sources and hence, this being a contentious issue, therefore, the provisions of Section 154 of the Act cannot be applied. 13. Ld. Departmental Representative relied upon the orders of the authorities below. 14. We have carefull ..... X X X X Extracts X X X X X X X X Extracts X X X X
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