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2013 (10) TMI 1067 - ITAT MUMBAIAllowability of liabilities towards interest expenditure Assessee made a claim of interest on the basis of the stand taken by the Custodian that the Assessee has to pay interest @ 18% per annum - Held that:- reliance has been placed upon the judgment in the case of Hitesh Mehta [2013 (9) TMI 1110 - ITAT MUMBAI]. Interest expenditure is allowed Decided in favor of Assessee. Levy of interest u/s 234A, 234B, 234C of the Income Tax Act Held that:- Relying upon the judgment in the case of CIT vs. Divine Holdings Pvt. Ltd[2012 (4) TMI 100 - BOMBAY HIGH COURT], it has been held that levy of interest u/s. 234A, 234B and 234C is mandatory Decided against the Revenue.
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