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2014 (7) TMI 466 - AT - Income TaxInterest expenditure – Held that:- The decision in Eminent Holdings Pvt. Ltd. [2014 (7) TMI 2 - ITAT MUMBAI] and Hitesh S. Mehta Versus DCIT Central Circle- 23, Mumbai [2013 (10) TMI 1065 - ITAT MUMBAI] - books of accounts produced by the assessee during the assessment proceedings has been held to be unreliable - 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 – the matter is liable to be remitted back to the AO for fresh adjudication – Decided partly in favour of Assessee. Levy of interest u/s 234 of the Act – Held that:- The decision in The Commissioner of Income Tax Versus Divine Holdings Pvt. Ltd. [2012 (4) TMI 100 - BOMBAY HIGH COURT] followed - provisions of section 234A, 234B and 234C were applicable to the notified person also - provisions of section 234 of the Act are applicable - as far as calculation part is concerned, there was merit in the submission made by the assessee – thus, the matter is remitted back to the AO for fresh adjudication – Decided partly in favour of Assessee.
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