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2014 (3) TMI 802 - AT - Income TaxClaim of deduction on account of interest expenditure – Held that:- The decision in Hitesh S. Mehta Versus DCIT Central Circle- 23, Mumbai [2013 (10) TMI 1065 - ITAT MUMBAI] followed - 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 liability – thus, the order of the CIT(A) set aside and the matter remitted back to the CIT(A) for fresh adjudication –Decided in favour of Assessee. Deletion of interest u/s 234A, 234B and 234C of the Act – Held that:- The charging of interest u/s. 234A, 234B and 234C squarely depends on the adjudication of the CIT(A) and since the matter is remitted back to the CIT(A). Levy of interest of notified person – Held that:- The decision in M/s. Topaz Holdings Pvt. Ltd. Versus ACIT, CC-31 Mumbai [2013 (10) TMI 1067 - ITAT MUMBAi] followed - the chargeability of interest u/s. 234A, 234B and 234C of the Act does not fall within the domain of the Special Court (Control of offences relating to transactions in securities) at 1992 - Since levy of interest is mandatory and is very much applicable in the case of notified persons – thus, the levy of interest would be consequential – Decided partly in favour of Revenue.
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