TMI Blog2014 (3) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... he CIT(A) and since the matter is remitted back to the CIT(A). Levy of interest of notified person – Held that:- The decision in M/s. Topaz Holdings Pvt. Ltd. Versus ACIT, CC-31 Mumbai [2013 (10) TMI 1067 - ITAT MUMBAi] followed - the chargeability of interest u/s. 234A, 234B and 234C of the Act does not fall within the domain of the Special Court (Control of offences relating to transactions in securities) at 1992 - Since levy of interest is mandatory and is very much applicable in the case of notified persons – thus, the levy of interest would be consequential – Decided partly in favour of Revenue. - I.T.A. No.3212/Mum/2012, I.T.A. No.4134/Mum/2012 - - - Dated:- 6-3-2014 - Shri Vijay Palo Rao And Shri N. K. Billaiya, AM,JJ. F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ha for A.Y. 2005-06. We find that the Tribunal at para-5 on page-4 of its order has held as under: Ground No. 4 relates to the action of the Ld. CIT(A) in confirming the liabilities amounting to Rs. 11,24,99,052/- and Rs. 12,61,36,245/- respectively for the A.Ys 2005-06 and 2006-07 towards interest expenditure claimed by the assessee. It is pertinent to note that the findings given in para 3.3 above in respect of rejection/reliability of the books of accounts and the proposed adjudication of the Ld. CIT(A) in view of the said direction may have direct impact on the issue of the impugned liability, we set aside this issue also to the files of the Ld. CIT(A) to adjudicate afresh along with the adjudication of the respective ground pertain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on'ble Supreme Court becomes the law of the land which has to be followed by every authority. The Tribunal further observed that no direction is 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. Respectfully following the afore stated findings, we treat the additional ground as academic in nature. 12. In the result, the appeal filed by the assessee is partly allowed for statistical purpose. ITA No. 4134/Mum/2012 - Revenue's appeal 13. The grievance of the Revenue relates to the deletion of the interest charged u/s. 234A, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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