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2013 (10) TMI 979 - AT - Income TaxIncome to be assessed in the hands of Others – Whether legal ground can be admitted, if no new facts are to be brought on record – Held that:- As per Hon'ble Apex Court in the case of National Thermal Power Co. Ltd. Vs. CIT, reported in [1996 (12) TMI 7 - SUPREME Court], the legal ground can be admitted, if no new facts are to be brought on record - The decision of the Hon'ble Apex Court is law of land, which has to be followed by every authority. Therefore no direction is to be required to be given to the AO in this respect because if the Hon'ble Apex Court decides that all the income belongs to Shri Harshad S. Mehta, then the income has to be assessed in the hands of Shri Harshad S. Mehta, not in the hands of any other person. Levy of interest u/s 234A, 234B & 234C of the Income Tax Act – Held that:- As per Hon'ble High Court in the case of CIT vs. Divine Holdings Pvt. Ltd.[ 2012 (4) TMI 100 - BOMBAY HIGH COURT]. Accordingly, it was held that levy of interest u/s. 234A, 234B and 234C is mandatory – Decided in favor of Revenue.
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