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TMI Blog2020 (2) TMI 164X X X X Extracts X X X X X X X X Extracts X X X X ..... the manner it has been raised before this Court and the facts and details of the reduction of interest liability on account of change of contract with the lending financial institutions from Foreign currency Fixed Interest Loan to Foreign currency Floating Interest rate has not been discussed by the learned Tribunal in the impugned order. Tribunal, being the final fact finding body, has to be recorded its independent findings facts and then only apply the law applicable to such facts. We do not find any such discussion on this aspect of the matter by the learned Tribunal. We are inclined to remand the matter back to the learned Tribunal without answering the aforesaid question of law, as quoted above. - Tax Case Appeal No.1209 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s issue is pending adjudication before the Special Bench of this Tribunal. Accordingly we set aside the order of the lower authorities and remit the same to the record of the Assessing Officer to pass a fresh order as per the outcome of the Special Bench decision or the latest judgment of High Courts/Supreme Court. Needless to say the assessee be given an opportunity of hearing before passing such order. 3.The learned counsel for the Appellant/Assessee Mr.Venkat Narayanan submitted that the Assessee did not earn any income on the gain on derivative products and gain on interest swap on derivative instruments, as discussed by the learned Tribunal in the aforesaid para 5.2, but on account of changing one type of loan taken by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me Tax, Coimbatore v. M/s. Lakshmi Machine Works (supra), has no application. 4.The learned counsel for the Respondent/Revenue supported the impugned order of the learned Tribunal. 5.Having heard the learned counsel for the parties, we are of the opinion that the contention sought to be raised by the Assessee before this Court now does not appear to have been raised before the learned Tribunal in the manner it has been raised before this Court and the facts and details of the reduction of interest liability on account of change of contract with the lending financial institutions from Foreign currency Fixed Interest Loan to Foreign currency Floating Interest rate has not been discussed by the learned Tribunal in the impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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