TMI Blog2015 (4) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal in the case of Topaz Holding Pvt. Ltd [2013 (10) TMI 1067 - ITAT MUMBAI]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 It has already mentioned that assessee has filed a declaration in Form No.8 under section 158A, therefore, according to the declaration filed the issue is decided against the assessee with a direction that when the decision on the question of law in respect of assessment year 2007-08 becomes final the same shall be applied to the present appeals accordance with sub-sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 234B and 234C of the Act. 4. The Ld. Commissioner of Income-tax (Appeals) has erred in law and in facts in not appreciating that the income assessed in the hands of the appellant were subjected to the provisions of TDS and hence, on the said amount of tax, no interest can be computed u/s: 234B and 234C of the Act. 2. In respect of other assessment years the figures as mentioned in Ground No.2 is as under: Assessment year Amount. 2002-03 ₹ 57,70,806/- 2003-04 Rs.4,24,89,967/- 3. At the time of hearing it was pointed out that Ground No.1 of each of the appeal is not pressed by the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T, decision dated 5/3/2015, in which one of us (AM) is a party. Similar issue has been restored back to the file of Ld. CIT(A). Copy of this decision is filed at page 1 to 4 of the paper book. Relevant discussion is in para 3 to 6, which are reproduced below: 3. Ground No. 4 relates to the disallowance of interest expense. The Ld. Counsel for the assessee brought to our notice that the decision relied upon by the Ld. CIT(A) while disposing this ground has been set aside by the Tribunal to the file of the Ld. CIT(A). 4. The Ld. Departmental Representative could not bring any distinguishing decision in favour of the Revenue. 5. We have carefully perused the orders of the authorities below. While disposing the ground relating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... restore this issue to the file of Ld. CIT(A) in the similar manner as has been restored back in the aforementioned decision. For statistical purposes, this ground of all the three appeals is allowed. 6. Apropos Ground No.3; reference was made to the decision of Tribunal in assessee s own case, which is dated 29/1/2014 and this issue is discussed in para-6 of the order. For the sake of convenience the same is reproduced below: 6. Similarly grievance of the Revenue is considered by the Tribunal in ITA No. 972/M/2011 vide para-15 16 on page-7 8 of its order wherein the Tribunal has held as under: Ground No. 1 (d) and 1(e) relate to charging of interest u/s. 234A, 234B 234C of the Act. The Ld. DR brought to our notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid. 8. Apropos Ground No.4 of all the three appeals, this issue was stated to be covered by the decision of Tribunal in group case namely M/s. Topaz Holding Pvt. Ltd. vs. ACIT, copy of this decision is filed at page 11 to 13 of the paper book. This issue is decided vide para 3 to 3.1 and the same is reproduced as under: 3. Next ground of appeal is about levy of interest u/s. 234 of the Act. Before us, AR stated that the assessee was a notified entity, that the provisions of s. 234A, 234B and 234C of the Act were deemed to have complied with, that the assets were already in attachment of the Custodian appointed under the provisions of the Special Courts Act, that the Tribunal in the case of the appellant and several other entities h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rits in the submission made by the assessee. Therefore, we are restoring back the issue to the file of the AO for fresh adjudication who would decide the issue after considering the amount taxed deductible at source on the income assessed and after affording a reasonable opportunity of hearing to the assessee. Ground no.5 is allowed in part in favour of the assessee. 8.1 In this view of the situation, after hearing both the parties the issue raised in Ground No.4 for all the three appeals is restored back to the file of AO for fresh adjudication in the manner as directed in the aforementioned case. We direct accordingly. This ground is allowed in part in favour of the assessee. 9. In the result, all the three appeals are partly all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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