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2014 (3) TMI 802 - ITAT MUMBAIClaim of deduction on account of interest expenditure Held that:- The decision in Hitesh S. Mehta Versus DCIT Central Circle- 23, Mumbai [2013 (10) TMI 1065 - ITAT MUMBAI] followed - rejection/reliability of the books of accounts and the proposed adjudication of the CIT(A) in view of the direction may have direct impact on the issue of the liability thus, the order of the CIT(A) set aside and the matter remitted back to the CIT(A) for fresh adjudication Decided in favour of Assessee. Deletion of interest u/s 234A, 234B and 234C of the Act Held that:- The charging of interest u/s. 234A, 234B and 234C squarely depends on the adjudication of the CIT(A) and since the matter is remitted back to the CIT(A). Levy of interest of notified person Held that:- The decision in M/s. Topaz Holdings Pvt. Ltd. Versus ACIT, CC-31 Mumbai [2013 (10) TMI 1067 - ITAT MUMBAi] followed - the chargeability of interest u/s. 234A, 234B and 234C of the Act does not fall within the domain of the Special Court (Control of offences relating to transactions in securities) at 1992 - Since levy of interest is mandatory and is very much applicable in the case of notified persons thus, the levy of interest would be consequential Decided partly in favour of Revenue.
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