TMI Blog2013 (11) TMI 1650X X X X Extracts X X X X X X X X Extracts X X X X ..... reinabove. As common issues are involved in both assessee s and revenue s appeal, all these appeals were consolidated and heard together and are disposed off by this common order for the sake of convenience and brevity. ITA No. 9158/M/2010 A.Y. 1996-97- Assessee s appeal 2. The assessee has raised 4 substantive grounds of appeal and one additional ground. At the very outset, the Ld. Counsel for the assessee submitted that under instructions he is not pressing ground No. 1,2 3. These grounds are accordingly dismissed as not pressed. 3. Ground No. 4 relates to the disallowance of interest expenses amounting to ₹ 4,06,76,502/ towards interest expenditure claimed by the assessee. The said disallowance has been confirmed by the Ld. CIT(A). 4. This issue has been considered by the Ld. CIT(A) at para-9 on page-5 of his order and at para 9.3.2 the Ld. CIT(A) observed that the facts are identical to the facts in the present case of the assessee for A.Y. 2005-06. The Ld. CIT(A) went on to follow the findings given by his predecessor for A.Y. 2005-06. 5. The Ld. Counsel submitted that in A.Y. 2005-06, the Tribunal in ITA No. 7726 7727/M/2010 has r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the case of National Thermal Power Co. Ltd. Vs. CIT, reported in (1998) 229 ITR 383, the legal ground can be admitted, if no new facts are to be brought on record. However, after going through the additional ground raised by the assessee for all the assessment years involved here before us, we found that the ground is fully academic in nature for the reason that if the Hon ble Supreme Court decides something that has to be followed without any dispute. The decision of the Hon ble Apex Court is law of land, which has 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. 10. The additional ground raised by the assessee is accordingly dism ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ble Jurisdictional High Court has held that the chargeability of interest u/s. 234A, 2324B 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, respectfully following the decision of the Hon ble Jurisdictional High Court (supra), ground No. 1 (d) and 1 (e) are allowed. Needless to mention that the levy of interest would be consequential. 17. In the result, the appeal filed by the Revenue is partly allowed. ITA No. 207/M/2011 A.Y. 1997-98 Assessee s appeal 18. The assessee has raised 4 substantive grounds of appeal and one additional ground. At the very outset, the Ld. Counsel for the assessee submitted that under instructions he is not pressing ground No. 1,2 3. These grounds are accordingly dismissed as not pressed. 19. Ground No. 4 relates to the disallowance of interest expenses amounting t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act. This ground is identical to ground No. 1(d) and 1(e) of ITA No. 972/M/2011 for A.Y. 1996-97 in Revenue s appeal. Following the same reasoning mentioned hereinabove at para 15 16, Ground No. 4 5 are allowed. 30. In the result, the appeal filed by the Revenue is partly allowed. ITA No. 1671/M/2012 A.Y, 2000-01 Assessee s appeal 31. The assessee has raised 5 substantive grounds of appeal and one additional ground. At the very outset, the Ld. Counsel for the assessee submitted that under instructions he is not pressing ground No. 1 3. These grounds are accordingly dismissed as not pressed. 32. Ground No. 2 relates to the rejection of books of account by the AO and confirmed by the Ld. CIT(A). The Ld. CIT(A) has followed his order in assessee s own case for A.Y. 2006-07. The said findings of the Ld. CIT(A) has been set aside to the files of the Ld. CIT(A) by the Tribunal in ITA No. 7726 7727/M/10 vide order dt. 26.4.2013. As no distinguishing facts have been brought on record by the Ld. DR, ground No. 2 is accordingly restored back to the files of the Ld. CIT(A). The Ld. CIT(A) is directed to follow the decision of the Tribunal for A.Y. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... diture claimed by the assessee. The said disallowance has been confirmed by the Ld. CIT(A). 25. This ground is identical to ground No. 4 of ITA No. 9158/M/2010 for A.Y. 1996-97 in assessee s appeal. Following the same reasoning mentioned hereinabove at para 3 to 7, ground of appeal taken for A.Y. 2000-01 is also allowed for statistical purpose. 26. In the result, the appeal filed by the assessee is partly allowed for statistical purpose. ITA No. 3327/M/2012 A.Y. 2000-01 Revenue s Appeal 27. The only ground raised by the revenue relates to charging of interest u/s. 234A 234B of the Act. This ground is identical to ground No. 1(d) and 1(e) of ITA No. 972/M/2011 for A.Y. 1996-97 in Revenue s appeal. Following the same reasoning mentioned hereinabove at para 15 16, this ground raised by the revenue is allowed. 28. In the result, the appeal filed by the Revenue is allowed. ITA No. 2171/M/2012 A.Y. 2004-05 Assessee s appeal 29. The assessee has raised 5 substantive grounds of appeal and one additional ground. At the very outset, the Ld. Counsel for the assessee submitted that under instructions he is not pressing ground No. 2,3 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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