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2014 (2) TMI 1115 - AT - Income TaxRelief of liability on account of interest expense - Calculation of book profit U/s. 115JB of the Act - Changeability of interest u/s. 234A, 234B and 234C of the Act - Held that:- Matter remitted back to the CIT(A) for fresh consideration - Decided in favour of Assessee. Correctness of taxability of income in the hands of the company - Held that:- The assessee cannot be permitted to blow hot and cold - the matter is subjudice before the Hon'ble Supreme Court and thus it cannot be said that the facts are settled finally - None of the issues were taken up before the AO or the CIT(A) and hence it cannot be said that the facts concerning the so called legal issue are already on the record of the Tax Authorities - The expression "Record" means the record of the year under consideration and not the history of the assessee spanning over several years - Since the issue was not urged before the Tax Authorities and the facts concerning the same are not established or available before the AO/CIT(A), the assessee cannot be permitted to raise additional ground for the first time before the Tribunal - the facts were not on record of the Tax Authorities for the assessment year - the assessee is making counter claims would suggest that the facts are not finally settled and on such an issue additional ground cannot be admitted - Decided partly in favour of Assessee.
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