TMI Blog2014 (7) TMI 956X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) for fresh adjudication – thus, the liability of the assessees u/s 234A, 234B and 234C depends upon the proposed adjudication of the CIT (A) in the set aside proceedings – Decided in favour of Assessee. - ITA No. 191/Mum/2013 - - - Dated:- 16-7-2014 - Shri Vijay Pal Rao And Shri D. Karunakara Rao,JJ. For the Petitioner : Shri Dharmesh Shah For the Respondent : Dr. P. Daniel ORDER Per Vijay Pal Rao, Judicial Member: This appeal by the assessee is directed against the order dated 19/11/2012 of CIT(A) for the assessment year 20008-09. The assessee has raised the following grounds :- 1. The learned Commissioner of Income-tax (Appeals) has erred in law and in facts in passing the order u/ s. 250 of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 08/06/1992. The assessee has claimed deduction on account of interest payable to these creditors. An amount of ₹ 3,72,82,860/- was shown as interest payable to these brokerage firms for the year under consideration. Out of the said amount a disallowance of ₹ 2,86,66,890/- was made suo moto by assessee in view of section 14A of the Income tax Act and remaining amount of ₹ 86,15,970/- was claimed as deduction. The AO has disallowed the claim of the assessee by observing that the said claim of the assessee was merely a contingent liability as the custodian has raised a claim of such interest from the assessee and other family members to be payable to brokerage firm on account of these outstanding and that the matter was pen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... granting a reasonable opportunity of being heard to the assessee. The decision if any should be taken only after considering the decision in the case of Hitesh. S Mehta, (supra). Accordingly, ground nos.4 6 are set aside. 5.1 Following the earlier decision of this Tribunal in assessee s own case we set aside this issue to the record of CIT(A) with the same direction as given in the assessment year 2007-08. 6. Ground No.5 is regarding computation of book profit under section 115JB. We have heard the ld. AR as well as the ld. DR and considered relevant material on record. This ground is consequential to ground No.4. Further an identical issue was considered by this Tribunal in assessee s own case for the assessment year 2001-02 vide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 234A, 234B and 234C of the Income tax Act. 7.1 We have heard the ld. AR and the ld. DR and considered the relevant material on record. The ld. AR has submitted that an identical issue has been considered and decided by this Tribunal in assessee s own case in assessment year 2007-08 and it was set aside to the record of CIT(A) on both counts as chargeability of interest under section 234A, 234B and 234C in respect of notified persons as well as on merits were also set aside to the record of CIT(A). On the other hand the ld. DR has relied upon the decision of this Tribunal dated 17/09/2013 in case of M/s. Topaz Holding Pvt. Ltd. in ITA No.7295/Mum/2012 for assessment year 2000-01 and submitted that the Tribunal has held that secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other issues have been set aside to the record of CIT(A), therefore, this issue is required to be considered and decided after the adjudication of the other issues of additions. Accordingly, we set aside this issue to the record of CIT(A) for deciding the quantum interest under section 234A, 234B and 234C in consequence of other issues on merits after considering the decision relied upon by the parties. As regards the issue of chargeability of interest u/s. 234A, 234B and 234C this is now settled by the Hon'ble Jurisdictional High Court in the case of CIT vs. Divine Holdings Pvt. Ltd. 209 Taxmann 467(Bom.) 8. Ground No.7 is general in nature which does not require any specific adjudication. 9. In the result, appeal of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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