Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (5) TMI 1178 - AT - Income TaxIncome from attached assets to be assessed in the hands of the appellant - non granting deduction of liability towards interest expenditure claimed by the appellant - HELD THAT:- As M/S. GROWMORE LEASING & INV. LTD., M/S. GROWMORE RESEARCH & ASSETS MGT. LTD., VERSUS THE ACIT, CENTRAL CIRCLE-31, MUMBAI [2015 (3) TMI 1243 - ITAT MUMBAI] assessee pointed out that the CIT(A) has held that the issue of interest expenditure is pending before the Hon’ble Special Court. Say of the 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 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. Levy of interest u/s. 234B and 234C - HELD THAT:- In Devine Holdings Pvt. Ltd. [2012 (4) TMI 100 - BOMBAY HIGH COURT] has held that provisions of section 234A, 234B and 234C were applicable to the notified person also. Therefore, upholding the order of the FAA to that extent, we hold that provisions of section 234 are applicable. As far as calculation part is concerned. we find merits in the submission made by the assessee. Therefore, we are restoring back the issue to the file of the AO for fresh adjudication who would decide the issue after considering the amount taxed deductible at source on the income assessed and after affording a reasonable opportunity of hearing to the assessee.
|