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2018 (12) TMI 1829 - AT - Income TaxDisallowance of interest expenditure - HELD THAT:- As decided in own case [2017 (12) TMI 1668 - ITAT MUMBAI] direct the AO to allow deduction to the assessee in respect of interest expenditure out of interest earned on term deposit - The revenue has not brought on any order passed by the courts of law, contrary to the decision of the coordinate Bench. Hence, respectfully following the decision of the coordinate Bench, we allow this ground of appeal of the assessee and set aside the findings of the Ld. CIT(A). We accordingly direct the AO to delete the addition. Addition on account of personal household expenses - assessee submitted that the ITAT, Mumbai has dealt with this issue and partly allowed this ground of appeal and allowed 50% of expenditure claimed in the assessee’s own case for the A.Y. 2006-07 - HELD THAT:- Since, the coordinate Bench has dealt with the identical issue in assessee’s own case for the A.Y. 2006-07 [2016 (4) TMI 1348 - ITAT MUMBAI] and restricted the disallowance to 50%, we respectfully following the decision of the coordinate Bench and restrict the addition confirmed by the Ld. CIT (A) to 50% i.e. ₹ 3,00,000/-. Hence, this ground of appeal of the assessee is partly allowed. Levy of interest u/s 234A, 234B and 234C - Whether as the income assessed in the hands of the appellant was subjected to the provisions of TDS and hence on the said amount of tax no interest can be computed u/s 234B and 234C of the Act ? - HELD THAT:- Since, the coordinate Bench has set aside the identical issue to the file of the AO with the direction to re-compute the interest u/s 234B and 234C of the Act, in assessee’s own cases for the earlier years, we respectfully following the decision of the coordinate Bench set aside this issue to the file of the AO to re-compute the interest liability after reducing the amount of tax deductible at source on the income earned. Direct the AO to bring to tax the correct interest income in the hands of the assessee and add the same in the income of the assessee.
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