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2017 (10) TMI 1424 - AT - Income TaxRejection of claim of interest expenditure under the normal provisions and rejection of interest liability under section 115JB - HELD THAT:- As decided in assessee's own case assessee pointed out that the CIT(A) has held that the issue of interest expenditure is pending before the Hon’ble Special Court. It is the say of the Ld. Counsel that the proceedings in which the said issue of interest was issued by the custodian have been already concluded which fact has already been recorded by the Ld. CIT(A) in the impugned order. We, therefore, direct the Ld. CIT(A) to consider this fact while deciding the issue afresh. The Ld. CIT(A) may also direct for the taxing of income in the hands of the recipient (family members) in accordance with the method of accounting followed by them and as per the provisions of the law. Ground treated as allowed for statistical purpose. Interest under section 234A, 234B and 234C - HELD THAT:- Hon’ble Jurisdictional High Court in case of Divine Holdings Pvt. Ltd. [2012 (4) TMI 100 - BOMBAY HIGH COURT] has held that provisions of sections 234A, 234B and 234C are applicable to notified persons also. That being the case, assessee is subject to levy of interest under sections 234A, 234B and 234C. The ground raised is dismissed. Computation of interest under section 234B and 234C - HELD THAT:- Similar issue arising in assessee’s own case in preceding assessment years as well as in case of group concerns have been restored back to the assessing officer for fresh adjudication. Notably, in assessee’s own case for preceding assessment years the tribunal while deciding identical issue and other appeals, vide order dated 25th August 2015, has restored it back to the assessing officer for fresh consideration. This ground is allowed for statistical purposes.
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