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2014 (10) TMI 925 - AT - Income TaxInterest expenditure - Held that:- As in the case of Eminent Holdings Pvt. Ltd. [2014 (7) TMI 2 - ITAT MUMBAI] wherein followed the decision of the Tribunal given in common group case of Hitesh S. Mehta [2013 (10) TMI 1065- ITAT MUMBAI] and restored the matter to the file of the Ld. CIT(A) for fresh adjudication. Respectfully following the findings of the Co ordinate Bench, we restore this issue to the files of the Ld. CIT(A) for fresh adjudication after giving reasonable opportunity of being heard to the assessee. Charging of interest u/s 234A, 234B and 234C - Held that:- As Special counsel contended that the levy of interest is mandatory therefore it should be decided against the assessee. However the assessee contended that it may be sent to the Assessing Officer for actual calculation purposes only. Agreed, levy of interest is mandatory and sometimes consequential depending upon the facts of each case. We note that identical issue arose before the Tribunal in the aforesaid cases therefore following the reasoning contained therein, we direct the Assessing Officer to recomputed the interest liability after reducing the amount of tax deductable at source and decide as per the provisions of law. We direct accordingly, thus, this ground is allowed for statistical purposes.
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