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2015 (3) TMI 1342 - AT - Income TaxDisallowance of interest expense - HELD THAT:- CIT(A) has held that the issue of interest expenditure is pending before the Hon’ble Special Court. It is the say of 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 CIT(A) to consider this fact while deciding the issue afresh. 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 No. 4 is treated as allowed for statistical purpose. Interest u/s. 234A, 234B and 234C - HELD THAT:- The Tribunal has considered this issue at para-6 of its order and restored the matter to the file of the AO to recompute the interest liability as per the provisions of the law. We direct accordingly. Ground No. 6 is treated as allowed for statistical purpose.
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