TMI Blog2015 (5) TMI 1178X X X X Extracts X X X X X X X X Extracts X X X X ..... order. We, therefore, direct the CIT(A) to consider this fact while deciding the issue afresh. 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. Levy of interest u/s. 234B and 234C - HELD THAT:- In Devine Holdings Pvt. Ltd. [2012 (4) TMI 100 - BOMBAY HIGH COURT] has held that provisions of section 234A, 234B and 234C were applicable to the notified person also. Therefore, upholding the order of the FAA to that extent, we hold that provisions of section 234 are applicable. As far as calculation part is concerned. we find merits in the submission made by the assessee. Therefore, we are restoring b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion dated 5/3/2015 passed in ITA No. 5135 5136/Mum/2012 ITA Nos.2151/Mum/2013 in the case of Growmore Leasing Inv. Ltd. and reference was made to the following observations: 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 to the disallowance of interest, we find that the Ld. CIT(A) has followed the findings given i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we pass similar order and this ground is considered to be allowed for statistical purposes in the manner aforesaid. 5. Apropos Ground No.4, it was stated to be covered by the decision of Tribunal dated 18/6/2014 in ITA Nos. 2139,2140 2141/Mum/2013 vide order dated 18/6/2014. Reference was invited to the following observations: 3. The 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned. we find merits 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. As a result, appeal filed by the assessee for the A.Y 2002-03 stands partly allowed. 6. Ld. Special Counsel did not controvert such contention of Ld.AR that the issue is covered by the aforementioned observations. In this view of the situation, after hearing both the parties, we pass similar order and this ground is considered to be partly allowed. 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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