TMI Blog2013 (10) TMI 979X X X X Extracts X X X X X X X X Extracts X X X X ..... be assessed in the hands of Shri Harshad S. Mehta, not in the hands of any other person. Levy of interest u/s 234A, 234B & 234C of the Income Tax Act – Held that:- As per Hon'ble High Court in the case of CIT vs. Divine Holdings Pvt. Ltd.[ 2012 (4) TMI 100 - BOMBAY HIGH COURT]. Accordingly, it was held that levy of interest u/s. 234A, 234B and 234C is mandatory – Decided in favor of Revenue. - ITA No. 8202/Mum/2010, ITA No. 8354/Mum/2010 - - - Dated:- 25-9-2013 - Shri P. M. Jagtap And Dr. S. T. M. Pavalan,JJ. For the Petitioner : Shri Dharmesh Shah Nilesh Mehta For the Respondent : Dr. P. Daniel ORDER Per Dr. S. T. M. Pavalan, JM:- These cross appeals filed by the Assessee and Revenue are directed against the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ines. In view of that matter, we, by following the findings of the Tribunal in the aforementioned case, set aside the issues to the file of the Ld.CIT(A) to adjudicate afresh in the line of similar direction given by the ITAT as aforementioned. Accordingly, Grounds No. 3 are allowed for statistical purpose. 3. Vide letter dated 14.09.2013, the assessee has raised the following additional grounds which reads as under: "The Ld.CIT(A) ought to have appreciated that as per the decision of Hon'ble Special Court dated 30.04.2010 in MP No. 41 of 1999, the assets under consideration and the consequential income belongs to Shri Harshad S. Mehta and hence the income assessed by the Assessing Officer ought to have been taxed in the hands of Shri H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as to be followed by every authority. Therefore, in our view, no direction is to be required to be given to the AO in this respect because if the Hon'ble Apex Court decides that all the income belongs to Shri Harshad S. Mehta, then the income has to be assessed in the hands of Shri Harshad S. Mehta, not in the hands of any other person. Therefore, in our view, there is no need to issue any direction as the decision of the Hon'ble Supreme Court has to be followed in any case. Accordingly, by admitting the grounds raised by the assessee for all these years, we treat the same as academic in nature." In the absence of any distinguishing fact brought on record by the parties for the year under consideration, we, following the said decision of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no provision in regard to the determination of liability to pay interest under the Income tax Act, 1961. That liability is clearly referable to the provisions embodied in Sections 234A, 234B and 234C. In the circumstances, the Tribunal, in our view, was in error in coming to the conclusion that interest under sections 234A, 234B and 234C can not be levied on an assessee who is a notified party under the Special Court Act. By the circular which has been issued by the Board, the power to grant such a waiver or remission has been vested with the Chief Commissioner. In terms of the judgment of the Supreme Court in Harshad Shantilal Mehta (supra), the notified person, the assessee in the present case, is not without remedy since it is open to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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