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2014 (3) TMI 264 - AT - Income TaxLiability towards Interest expenditure – Held that:- The decision in Hitesh S. Mehta Versus DCIT Central Circle- 23, Mumbai [2013 (10) TMI 1065 - ITAT MUMBAI] followed - The findings in respect of rejection/reliability of the books of accounts and the proposed adjudication of the CIT(A) in view of the direction may have direct impact on the issue of the impugned liability – thus, the matter remitted back to the CIT(A) for fresh adjudication – Decided in favour of Assessee. Admission of additional grounds – Held that:- The decision in Hitesh S. Mehta Versus DCIT Central Circle- 23, Mumbai [2013 (10) TMI 1065 - ITAT MUMBAI] followed - The CIT(A) ought to have appreciated that the assets under consideration and the consequential income belongs to hence, the income assessed by the Assessing Officer ought to have been taxed in the hands of Shri Harshad S. Mehta and not in the hands of the appellant - the ground is legal ground, which does not require any new facts to be brought on record – relying upon National Thermal Power Co. Ltd. Vs. CIT [1996 (12) TMI 7 - SUPREME Court] - the legal ground can be admitted, if no new facts are to be brought on record – thus, 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 – Decided against Assessee. Deletion of interest charged u/s 234A, 234B & 234C of the Act – Held that:- The decision in CIT vs. Divine Holdings Pvt. Ltd. [2012 (4) TMI 100 - BOMBAY HIGH COURT] followed - no reduction or waiver of interest shall be ordered unless the assessee files a return of income for the relevant Assessment Year and pays the entire income tax due on the income as assessed - levy of interest u/s. 234A, 234B and 234C is mandatory – Decided in favour of Revenue.
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