9911796707
TMI Blog1985 (4) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... he course of the hearing from which it was assumed by the assessee's counsel that the matter was being decided in his client's favour and he did not advance his arguments in full. However, the Tribunal passed the order contrary to the impression given at the time of the hearing and this has caused great injustice to the assessee as his counsel did not have an opportunity for full hearing on this issue. 3. Both the learned members have in a way agreed that some such observations might have perhaps been made during the course of the hearing by the senior member who happens to be the learned Judicial Member in this case. All the same, the learned members are of the view that the fault, if any, would be essentially of the assessee's counsel. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for purchasing shares--interest will not be inadmissible for deduction. Thus, it was not proved that such loan was used for profession.' This would seem to suggest that the assessee did seek to claim the interest as a deduction even if the loans were proved to have been utilised for purchasing shares at least alternatively. This part of the assessee's contention was not specifically rejected by the ITO though the claim was otherwise disallowed. The AAC has observed that the total credit balance of the loan amounts came to Rs. 1,06,500 whereas the investment in equity shares worked out to Rs. 78,820 and the capital balance was shown as at Rs. 16,324 only. Hence, according to him, the assessee's contention that loans were incurred for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the opinion that in the interest of justice, the assessee may now be given another opportunity to address further arguments on this aspect of the matter. To this extent, the miscellaneous petition should be allowed and the matter reconsidered. " It is for this reason that the following point of difference has been stated by the learned Members : " Whether, the assessee's claim for interest or any part thereof against his dividend income ought to be considered afresh now, notwithstanding the fact that it has already been rejected by the order of the Tribunal in the main appeal ? " The case having been assigned by the President to himself under section 255(4) of the Income-tax Act, 1961 ('the Act'), the matter has come up before me as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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