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TMI Blog2019 (3) TMI 1257X X X X Extracts X X X X X X X X Extracts X X X X ..... 277, and not ₹ 6,08,542, as reflected in the return of income. Since the aforesaid claim of the assessee has not been properly verified either by the Assessing Officer or learned Commissioner (Appeals) it requires to be restored to the Assessing Officer for verifying assessee’s claim about the actual amount of interest received from Tinco Chemicals. The Assessing Officer is directed to verify the revised computation of income and other supporting evidences filed by the assessee with regard to the actual interest income received from Tinco Chemicals. If on verification of evidences filed by the assessee the claim is found to be correct, the AO should compute the interest income of the assessee as per the revised computation of inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ual deduction claimed towards interest expenditure under section 57 of the Act is ₹ 68,277. Alleging that the assessee could not furnish evidence in support of the deduction claimed under section 57 of the Act, except, to the extent of ₹ 68,277, the Assessing Officer restricted the deduction under section 57 of the Act to ₹ 68,277, while disallowing the balance amount of ₹ 5,40,265. 4. The assessee challenged the aforesaid addition before learned Commissioner (Appeals) without any result. 5. The learned Authorised Representative submitted, in the return of income filed for the impugned assessment year, the assessee has made certain mistakes which came to his notice in the course of assessment proceedings. He su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding an opportunity of being heard to the assessee and completely ignoring the documentary evidences filed before him. Thus, he submitted, the Assessing Officer may be directed to assessee the correct interest income as per the revised computation of income filed by the assessee. 6. The learned Departmental Representative submitted, the Assessing Officer could not have taken note of the mistakes committed in the return of income as the assessee did not file any revised return of income. However, he submitted, the assessee s claim regarding actual interest income can be verified by the Assessing Officer. 7. We have considered rival submissions and perused material on record. It is evident from the facts and material on record, in cours ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 6,08,542, as reflected in the return of income. In our view, since the aforesaid claim of the assessee has not been properly verified either by the Assessing Officer or learned Commissioner (Appeals) it requires to be restored to the Assessing Officer for verifying assessee s claim about the actual amount of interest received from Tinco Chemicals. The Assessing Officer is directed to verify the revised computation of income and other supporting evidences filed by the assessee with regard to the actual interest income received from Tinco Chemicals. If on verification of evidences filed by the assessee the claim is found to be correct, the Assessing Officer should compute the interest income of the assessee as per the revised computation o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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