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2015 (10) TMI 2751 - ITAT MUMBAIAddition on account of suspense account - HELD THAT:- CIT(A) should have obtained the details from custodian as the custodian appointed by the Special Court, is not obliged to assessee by providing necessary details in spite of various requests made on behalf of the assessee. Copies of requests are placed on record. In view of the above facts and circumstances of the case, we set aside this issue to the file of the CIT(A) to decide the issue afresh after obtaining necessary details from the custodian and after affording opportunity of hearing to the assessee. Disallowance on account of interest expenses - HELD THAT:- As decided in M/S. GROWMORE RESEARCH & ASSETS MGT. LTD., VERSUS THE ACIT, CENT CIRCLE-31, MUMBAI [2015 (3) TMI 1342 - ITAT MUMBAI] restore this issue to the files of the Ld. CIT(A) for fresh adjudication after giving reasonable opportunity of being heard to the assessee. Addition on account of other expenses - HELD THAT:- As assessee stated that the details have not been properly appreciated by the First Appellate Authority. In our considered opinion and in the interest of justice and fair play, this issue needs reconsideration by the First Appellate Authority. We, therefore, restore this issue to the file of the Ld. CIT(A). The assessee is directed to file necessary details in support of its claim and the Ld. CIT(A) is directed to verify the same. Addition on account of diminution in trading stock - HELD THAT:- The assessee is in the business of share trading which has been accepted by the AO in his assessment order. For certain statutory reasons, the assessee is not permitted to do trading in the shares in the stock market but at the same time the assessee is showing the shares as stock-in-trade and following the same as per the method of accounting regularly followed by her for the business. Therefore, in our considered opinion, any diminution in the value of the stock as at the end of the year has to be allowed. We, therefore, set aside the findings of the Ld. CIT(A) and direct the AO to delete the addition. Interest levied u/s. 234A, 234B and 234C - HELD THAT:- Agreed, levy of interest is mandatory and sometimes consequential depending upon the facts of each case. We note that identical issue arose before the Tribunal in the aforesaid cases therefore following the reasoning contained therein, we direct the Assessing Officer to recomputed the interest liability after reducing the amount of tax deductable at source and decide as per the provisions of law. We direct accordingly, thus, this ground is allowed for statistical purposes. See M/S HARSH ESTATES PVT. LTD. VERSUS ACIT CC-31, AAYKAR BHAVAN, MUMBAI [2014 (10) TMI 925 - ITAT MUMBAI] Addition u/s 69C - addition on account of personal household expenses - HELD THAT:- We find that in the group cases, the addition on account of low withdrawals made by the AO amounting to ₹ 60,60,000/- have been restricted by the Ld. CIT(A) at ₹ 37,80,000/- which also includes the present addition of ₹ 3,00,000/-. Considering the factual matrix of the entire family, in our considered opinion, an addition of ₹ 1,50,000/- should meet the ends of justice. We, modify the findings of the Ld. CIT(A) and direct the AO to make disallowance of ₹ 1,50,000/-. This ground of the assessee is partly allowed.
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