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TMI Blog2014 (3) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... stantive grounds of appeal and one additional ground. At the very outset, the Ld. Counsel for the assessee submitted that under the instruction, he is not pressing ground No.1 which is accordingly dismissed as not pressed. 3. Ground No. 2 relates to the claim of deduction on account of interest expenditure. 4. The Ld. Counsel for the assessee stated that the issue is squarely covered in favour of the assessee by the decision of the Tribunal in ITA Nos. 7726, 7727, 7498 & 7732/M/2010 in the case of Hitesh S. Mehta which is also one of the parties of Shri Harshad Mehta group. 5. The Ld. Departmental Representative fairly conceded to this. 6. A perusal of the order of the Ld. CIT(A) shows that on page-26 vide para 2.9.1, the Ld. CIT(A) has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court dt. 30.4.2010 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 AO ought to have been taxed in the hands of Shri Harshad S. Mehta and not in the hands of the appellant." 9. It is the say of the Ld. Counsel that the additional ground has also been decided by the Tribunal in the case of Hitesh S. Mehta vide ITA Nos. 5587 to 5589/M/2011 and 5068/M/2011. 10. The Ld. Departmental Representative fairly conceded to this. 11. We have the benefit of the order of the Tribunal in the case of Hitesh S. Mehta (supra). We find that a similar additional ground was raised which has been considered by the Tribunal at para-4 on page-4 of its order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We have carefully perused the orders of the lower authorities. The charging of interest u/s. 234A, 234B and 234C squarely depends on the adjudication of the Ld. CIT(A) and since we have restored one issue back to the files of the Ld. CIT(A) in assessee's appeal, we therefore restore this issue back to the files of the AO to recompute the interest after giving appeal effect. 18. In so far as levy of interest in the case of notified person is concerned, this issue has been decided by the Hon'ble Jurisdictional High Court in the case of CIT Vs Divine Holding Pvt. Ltd. in Income Tax Appeal No. 3334 of 2010 which has been followed by the Tribunal in the case of Topaz Holding Pvt. Ltd in ITA No. 7295/M/2012. We find that the Hon'bl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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