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2013 (11) TMI 1634 - AT - Income TaxMAT - Calculation of book profit u/s.115JB - charging of interest u/s. 234A, 234B and 234C - Held that - We remit back the matter to the file of the FAA for reconsideraion.
Issues:
1. Disallowance of interest expense 2. Disallowance of depreciation allowance 3. Calculation of book profit under section 115JB 4. Charging of interest under sections 234A, 234B, and 234C Issue 1: Disallowance of Interest Expense The appellant challenged the disallowance of interest expense amounting to Rs. 52,80,810. The Tribunal noted similar issues in other cases involving Sh. Hitesh S. Mehta and Pratima H. Mehta, where the matter was remitted back to the FAA for fresh adjudication. Following this precedent, the Tribunal remitted the matter back to the FAA, allowing the ground in part in favor of the assessee. Issue 2: Disallowance of Depreciation Allowance The appellant contested the disallowance of depreciation allowance totaling Rs. 67,748. A previous case involving Aatur Holdings Pvt. Ltd. saw a similar issue being remitted back to the FAA by a Bench of ITAT, Mumbai. Following this decision, the Tribunal remitted the matter back to the FAA, partially allowing the ground in favor of the assessee. Issue 3: Calculation of Book Profit under Section 115JB The appellant raised concerns regarding the calculation of book profit under section 115JB of the Act. Referring to a previous case involving Aatur Holdings Pvt. Ltd., where a similar issue was remitted back to the FAA, the Tribunal followed suit and remitted the matter back to the FAA, partially allowing the ground in favor of the assessee. Issue 4: Charging of Interest under Sections 234A, 234B, and 234C The appellant disputed the charging of interest under sections 234A, 234B, and 234C of the Act. Citing cases related to the Harshad Mehta Group, the Tribunal decided to restore the matter back to the file of the FAA based on precedents set in cases like M/s. Orient Travel Pvt. Ltd. and others. Consequently, the Tribunal allowed this ground in part in favor of the assessee. Overall, the appeal of the assessee was partly allowed by the Tribunal, with the orders pronounced on 6th November 2013.
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