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TMI Blog2017 (9) TMI 1788X X X X Extracts X X X X X X X X Extracts X X X X ..... ave been attached and vested in the hands of custodian appointed under the above said act. All the appeals were heard together, since the issues urged by them are identical in nature. Accordingly, all these appeals are being disposed of by this common order, for the sake of convenience. 2. The appeals filed by these assessees are barred by limitation as detailed below :- (a) Orion Travels Pvt. Ltd. : 383 days (b) Aatur Holding Pvt. Ltd. : 391 days (c) Harsh Estates Pvt. Ltd. : 391 days (d) Eminent Holdings Pvt. Ltd. : 760 days All these assessees have filed an application requesting the bench to condone the days on the ground that there was delay in releasing funds for remitting appeal fees by the custodian. It is submitted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the disruptions and difficulties since the day their business got suspended in 1992. These Assessees should have taken enough precautions to get fund for filing the appeals well in advance. Accordingly he opposed the petition filed by these assessees. 5. Having heard the rival submissions and upon considering the decision rendered by the coordinate Benches in assessee's group cases, I am of the view that the delay has occurred for the reasons beyond the control of the assessees. Accordingly, I condone the delay in filing these appeals and proceed to dispose of them on merits. 6. The first issue contested in all these appeals relate to the disallowance of interest expenditure while computing income under normal provisions of the Act. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said issue relating to rejection of interest claim, the ld. A.R submitted that these issues are being set aside by the Tribunal to the file of ld. CIT(A) for fresh adjudication in all other group cases belonging to Harshad Mehta. 5. The ld. Counsel submitted that the identical issues were also considered by the Tribunal, vide its order dated 22-4-2015, in the assessee's own case in ITA No.6829, 6840,6830 /Mum/2013 relating AY 2001-02 to 2003-04 and the issues were restored to the file of the Ld CIT(A). He submitted these issues may also be restored to the file of the Ld CIT(A) with similar directions. On a perusal of the order passed by the Tribunal for AY 2001-02 to 2003-04, referred above, we notice that the Tribunal has followed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expenditure is pending before the Hon'ble Special Court. It is the say of the Ld. Counsel that the proceedings in which the said issue of interest was issued by the custodian have been already concluded which fact has already been recorded by the Ld. CIT(A) in the impugned order. We, therefore, direct the Ld. CIT(A) to consider this fact while deciding the issue afresh. The Ld. CIT(A) may also direct for the taxing of income in the hands of the recipient (family members) in accordance with the method of accounting followed by them and as per the provisions of the law. Ground No. 4 is treated as allowed for statistical purpose". By following the above said decision, the Tribunal restored the matter to the file of the Ld CIT(A) with simila ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 had held the view in favour of the appellant, that the Hon'ble Bombay High Court in the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le 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. By following the above said decisions of Tribunal, we set aside the matter of computation of interest u/s 234A, 234B and 234C to the file of the AO with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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